11/26/2021- 5:31 p.m
Turkey explores $5 BILLION currency swap with UAE to bolster central bank coffers
Amid Ankara’s currency crisis govt. officials reached an agreement with Abu Dhabi to bolster the central bank’s foreign currency reserves by around $5 billion. (Middle East Eye)
The technical agreement will allow Turkey to exchange the lira for Emirati dirhams and allows the UAE to make direct deposits of US dollars to the Turkish Central Bank.
Turkey is in dire need of foreign investment mainly due to President Erdogan’s crusade against interest rates which have plunged the lira 70% in value compared to five years ago.
