Egypt and United Arab Emirates have signed a currency swap deal worth around $1.4 billion in a move to help the North African country ease its economic crisis.

The Egyptian Cabinet has approved several decisions, including the new issuance of five-year JPY-denominated bonds worth $500 million, a cabinet statement revealed.

Companies in Egypt can now issue multiple sukuk with single approval from the Financial Regulatory Authority (FRA), according to the recent amendments to the Capital Market Law (CML) by the Egyptian Cabinet.

Egypt's annual headline inflation dropped to 31.5 percent in April, down from 33.9 percent in March, recording the first monthly deceleration in 10 months, but a leap from 14.9 percent in April 2022, reported the Central Agency for Public Mobilisation and Statistics (CAPMAS) on Wednesday.