Beijing, June 4: The People’s Bank of China (PBOC) announced on June 3 that it has renewed its bilateral currency swap agreement with the Central Bank of Egypt.
Under this agreement, the swap amount has increased from 18 billion yuan to 30 billion yuan. The agreement will remain valid for three years, with the possibility of extension upon mutual consent from both parties.
According to the PBOC, the renewal and expansion of this agreement will strengthen monetary and financial cooperation between the two countries. It will also promote the use of local currencies, facilitate bilateral trade and investment, and help maintain stability in financial markets.
(Source: China Media Group, Beijing)
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