Current Affairs - International - Discussion

India and UAE signed 3,500 crore currency swap agreement. This agreement will boost investment and enable direct trade without using dollars or other international currencies. The agreement was signed after the 12th India-UAE joint commission meeting co-chaired by External Affairs Minister Sushma Swaraj and the UAE's Foreign Minister Sheikh Abdulla bin Zayed al Nahyan in Abu Dhabi. In 2015, China's central bank extended a currency swap agreement with the UAE Central bank worth $5.54 billion.