Ethiopia, Sudan to sign currency swap deal

Addis Ababa, June 3, 2017 (FBC) – Ethiopia and Sudan are set to sign a currency swap deal after a month.

According to the National Bank of Ethiopia (NBE), the move is part of the efforts to ease shortage of foreign currencies and to strengthen economic integrations between the two countries.

Dr Yohannes Ayalew, Vice-Governor and Chief Economist at NBE, told Fana Broadcasting Corporate (FBC) recently that Ethiopia is on the verge of signing a the deal with Sudan

The deal is a result of the growing ties between Addis Ababa and Khartoum, he said.

Once the deal is signed, the two countries will exchange their money via preferred central or commercial banks as per the global exchange rates, he said.

Ethiopia and Sudan have longstanding relations and their economic relationship is growing in an unprecedented manner in recent times

Last April, Sudanese President, Omar al-Bashir had paid a three-day working visit to Ethiopia.

During the visit Bashir had a meeting with Ethiopia’s Prime Minister, Hailemariam Desalegn.

The two leaders discussed on a range of bilateral issues of common interest and signed a number of agreements to promote their economic relations and strengthen their ties.