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Turkey and Qatar Triple Currency Deal to Aid the Lira

ForexMay 20, 2020 02:54AM ET
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© Reuters. Turkey and Qatar Triple Currency Deal to Aid the Lira

(Bloomberg) -- Turkey’s central bank tripled the limit on an existing swap agreement with Qatar’s monetary authority to $15 billion.

“The core objectives of the agreement are to facilitate bilateral trade in respective local currencies and to support the financial stability of the two countries,” Turkey’s central bank said in a statement on Wednesday.

Turkish policy makers have been in talks to sign currency-swap arrangements with central banks of Group of 20 nations after the central bank ran down its foreign-currency buffer to prop up the lira.

Authorities have been leaning on state lenders to flood the market with dollars, and finding a source of foreign exchange has become increasingly urgent with gross central bank reserves down $17 billion since the beginning of the year to $89.2 billion.

The lira erased losses following the news and was trading little changed at 6.7800 per dollar at 9:20 a.m. in Istanbul.

 

Turkey and Qatar Triple Currency Deal to Aid the Lira
 

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harry dardanel
harry dardanel Jun 04, 2020 12:51AM ET
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TRY in the medium term will reach new lows due to lack of economic reforms and current government's break from traditional economic principles.
 
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