You have commented 339 times on Rantburg.

Your Name
Your e-mail (optional)
Website (optional)
My Original Nic        Pic-a-Nic        Sorry. Comments have been closed on this article.
Bold Italic Underline Strike Bullet Blockquote Small Big Link Squish Foto Photo
The Grand Turk
Turkey, UAE ink deal to build foreign exchange reserves
2022-01-20
I wouldn't let Turkey play with my money, but I suppose the UAE can afford to throw it away pointlessly.
[IsraelTimes] The Sick Man of Europe Turkey
...the only place on the face of the earth that misses the Ottoman Empire...
and the United Arab Emirates have agreed to a currency swap deal equivalent to $4.74 billion to boost Turkey’s depleted foreign exchange reserves, the Ottoman Turkish central bank announces.

Under the agreement reached between their central banks, Turkey and the UAE agreed to swap 65 billion Ottoman Turkish lira and 18 billion UAE dirham for a period of three years, with the possibility of extending the deal further.

The agreement aims to help Turkey’s reserves following a series of interventions by the central bank, which sold foreign currency to prop up the lira amid a currency crisis.

It comes as Turkey and the UAE have taken steps to improve relations following years of tensions. Turkey and the UAE found themselves on opposing sides of regional conflicts, including a proxy conflict in Libya and disputes in the Gulf and the eastern Mediterranean.
Related:
Currency swap: 2021-12-09 Turkey's President Tayyip Erdogan says Turks should be patient and trust his government's new economic model
Currency swap: 2018-08-18 James Mattis: Latin American countries selling out their sovereignty to Russia, China
Currency swap: 2016-12-17 Venezuela taking 100-bolivar notes out of circulation
Posted by:trailing wife

00:00