Turkey, UAE Sign $5bn Currency Swap Deal
ISTANBUL (Dispatches) -- Turkey on Wednesday signed a nearly $5bn currency swap agreement with the United Arab Emirates amid a currency crisis that has depleted the Turkish Central Bank’s coffers.
A senior Turkish official told MEE in November that Turkey was seeking at least a $5bn currency swap deal. The official at the time said that the previously inked technical cooperation agreement also allows Abu Dhabi to make direct deposits of U.S. dollars to the Turkish Central Bank.