The Central Bank of the United Arab Emirates (CBUAE), has announced that he has signed two bilateral currency swap agreements for the UAE Dirham and the Ethiopian Birr with the National Bank of Ethiopia (NBE).

According to Amac News: The Central Bank of the Emirates said that they have signed these agreements to create a framework for using local currencies in settling cross-border transactions and linking their payment and messaging systems.
The agreement allows CBUAE and NBE to exchange local currencies with a nominal value of up to 3 billion dirhams and 46 billion ETB.
The agreement encourages financial and banking cooperation through knowledge sharing and ultimately supports the development of the respective financial markets while facilitating bilateral trade and boosting direct investment.