Is there a currency swap agreement with Russia coming? The government is considering entering into a currency swap agreement with Russia, a source told Al Mal. The agreement, which would be similar to the c. USD 2.62 bn one signed with China last December, would be used to strengthen the central bank’s reserves by providing foreign currency used in imports from Russia. The source said the negotiations for the swap are still in preliminary phases, but the government believes the agreement with China provided the basis for successful arrangement and could be replicated with Russia. Egypt had attempted a practically similar move in mid-2015 when the two countries flirted with the idea of accepting payment from Russian tourists in rubles and using the same currency to pay for wheat imports from Russia, but the proposals never materialized.