Turkey Inks $5 Billion Currency Swap Deal with UAE
- Date: 19-Jan-2022
- Source: Al Bawaba
- Sector:Financial Markets
- Country:UAE
Turkey Inks $5 Billion Currency Swap Deal with UAE
Turkey and the United Arab Emirates announced on Wednesday they had signed a $4.9 billion swap deal in local currencies, as the Turkish authorities seek means to boost the deteriorating local currency, which lost 44% of its value against the dollar last year.
The three-year agreement, struck in local currencies, reflects the intentions of both countries to repair their fractured relations.
The size of Wednesday’s swap agreement in local currencies is AED18 billion or 64 billion Turkish liras, according to separate statements by both monetary authorities.
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