Turkish Lira firms against dollar as Turkey searches for foreign funds

Turkish Lira firms against dollar as Turkey searches for foreign funds

Turkey officials have held talks with Japan and the UK on setting up currency swap lines, sources tell Reuters.. reasury and central bank officials have held bilateral talks in recent days with counterparts from Japan and the United Kingdom on setting up currency swap lines, and with Qatar and China on expanding existing facilities, Reuters news agency reported on Thursday, citing officials.. An official told Reuters that Turkey was feeling confident after the talks.. If Turkey cannot secure tens of billions of dollars in funding, analysts say it risks a currency spiral similar to 2018, when the lira shed half its value in a crisis that shook emerging markets.. Bankers say that was largely due to state lenders selling some $30bn in FX markets to support the lira, which has fallen 15 percent this year.. Turkey has underestimated its risks "unfortunately for months now" said Khan, who was among hundreds of investors on a conference call with the finance and treasury minister, Berat Albayrak, last week.. A Japanese government official said Tokyo has no plan for now beyond monitoring the lira, but added the Group of Seven (G7) countries or the International Monetary Fund would rescue Turkey "if it morphs