Business Recorder
ABU DHABI: The central banks of Bahrain and the United Arab Emirates announced the establishment of a currency swap agreement with a nominal value of 2 billion Bahraini dinars (USD5.3 billion) and a tenor of five years, the Bahraini central bank said on Wednesday. Currency swap lines between central banks allow each institution to obtain the other’s currency without resorting to foreign exchange markets, reducing transaction costs and exchange-rate risk for cross-border trade and investment.
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