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Turkey Close to Signing €1bn Currency Swap Deal with Azerbaijan

TURKEY
  • Turkish officials say Ankara and Baku close to finalising agreement to bolster Turkish Central Bank reserves two Turkish officials familiar with the issue told Middle East Eye.
  • The proposed agreement is one of several currency swap deals that Turkey has made recently to bolster its hard currency reserves.
  • "The deal is almost ready," a senior Turkish official told MEE. "It is just the bureaucracy that takes time."
  • 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.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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