© Reuters. Turkey and Qatar Triple Currency Deal to help Lira
(Bloomberg) – Turkey’s central bank tripled the limit of an existing swap deal with Qatar’s monetary authority to $ 15 billion.
“The main objectives of the agreement are to facilitate bilateral trade in respective local currencies and to support the economic 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 in groups of 20 nations after the central bank ran down its foreign currency buffer to prop up the lira.
Authorities have been using state lenders to flood the market with dollars, and finding a source of currency has become increasingly urgent with gross central bank reserves reduced $ 17 billion since the beginning of the year to $ 89.2 billion.
They deleted losses after the news and traded slightly changed at 6.7800 per share. Dollar at 21.20 in Istanbul.
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