The Central Bank of Kenya (CBK) and the Central Bank of UAE (CBUAE) have signed two agreements to strengthen financial ties between the two countries.
The agreements between the two nations will facilitate the use of local currencies, including the Kenyan shilling, in settling cross-border transactions, while also interlinking instant payment systems and messaging frameworks. "Under the first MoU, the CBUAE and the CBK will strengthen cooperation between the United Arab Emirates and the Republic of Kenya to support the sustainable development of both financial markets.
This agreement will also encourage the use of local currencies in settling cross-border commercial transactions," the statement by the CBUAE read in part.
The deal was reached after a meeting between the Governor of CBUAE Khaled Mohamed Balama and his CBK counterpart, Kamau Thugge, alongside senior officials from both institutions during a ceremony on June 3, in Abu Dhabi.
