Turkey close to signing €1bn currency swap deal with Azerbaijan - ednews.net

26 May, Thursday

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Turkey close to signing €1bn currency swap deal with Azerbaijan

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Turkey is close to signing a €1bn ($1.14bn) currency swap deal with Azerbaijan in the coming weeks, two Turkish officials familiar with the issue told Middle East Eye, APA reports.

The proposed agreement is one of several currency swap deals that Turkey has made recently to bolster its hard currency reserves.

Turkey on Wednesday signed a nearly $5bn currency swap agreement with the United Arab Emirates amid a currency crisis that has depleted the Turkish Central Bank’s coffers.

Excluding swaps and commitments, the Turkish Central Bank’s net international reserves plunged to minus $56bn last month, the lowest on record since 2002, following a string of hard currency sales by the bank to stabilise the lira

 

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