Turkey and the United Arab Emirates signed a three-year currency exchange agreement worth $4.9 billion on Wednesday, according to respective central banks.
According to a statement from the Turkish central bank, the agreement aims to enhance bilateral commerce and improve financial cooperation between the two nations. The sale is worth 18 billion UAE dirhams ($4.9 billion) or 64 billion Turkish liras, according to the statement.
Turkish Central Bank President Sahap Kavcioglu and UAE Central Bank President Khaled Mohamed Balama signed the deal which can also be extended by mutual agreement.
“This agreement is an indication of the will of both countries to increase bilateral cooperation in financial matters, especially in the field of trade and investments between the two countries,” Khaled Mohamed Balama said.