16
Jul
Ethiopia and the United Arab Emirates have reached an agreement to trade using their own currencies. The central banks of both countries have agreed to swap their currencies based on their current purchasing powers, amounting to 46 billion Ethiopian Birr and 3 billion UAE Dirhams. The memorandum of understanding was signed in Addis Ababa, allowing the two nations to conduct transactions in Birr and Dirhams in addition to the US dollar. The agreement was formalized by Mamo Mehretu, Governor of the National Bank of Ethiopia, and Khalid Mohamed Balama, Governor of the Central Bank of the United Arab Emirates. The…