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Economy

UAE and India sign AED 2 billion currency swap agreement

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The currency swap deal will also reduce the transmission costs arising from exchange rate risks.

Wednesday 05, December 2018 BY KUDAKWASHE MUZORIWA

The UAE and India have signed a currency swap agreement to boost investment and enable direct trade without using dollars or other international currencies.

In a statement, the Indian embassy noted that the bilateral currency swap agreement between India and the UAE is expected to reduce the dependency on hard currencies like the US dollar.

In 2017, the bilateral trade between the two countries stood at around $52 billion, reported Reuters.

TAGS : DIRHAM, Currency swap, India, UAE

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