UAE, Turkey Cenbanks Sign $4.9-Bln Currency Swap Deal

On October 2, 2025, the central banks of the United Arab Emirates and Turkey formalized a bilateral currency swap agreement valued at 18 billion UAE dirhams (approximately US$4.9 billion). The arrangement is designed to bolster local currency liquidity and reduce dependence on the U.S. dollar for bilateral trade settlements. In addition to the swap, the two countries inked memoranda of understanding to encourage using local currencies in cross-border transactions and to integrate their payment systems. The agreement is part of a broader push by both nations to deepen financial cooperation and strengthen economic ties.

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