Losses for Turkish lira after reports of petrodollar ‘injections’ from Saudi Arabia

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Turkey’s battered lira rallied against the greenback late on Wednesday before starting a new downward slide after the news that Saudi Arabia may deposit up to $20 billion in Turkish bonds and accounts.

The pound was trading down 0.50% at 17.9623 per dollar by 1:00 p.m. Greek time at the Istanbul Stock Exchange on Thursday. It gained as much as 0.7% to 17.79 per dollar on Wednesday.

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Saudi Arabia is expected to deposit an initial $10 billion, Dünya newspaper reported on Wednesday, citing government sources. The publication could not be found on Dünya’s website on Thursday, suggesting it may have been withdrawn.

However, according to a Middle East Eye report, technical talks were underway to secure $20 billion from Saudi Arabia, a finance ministry official said.

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Petros Kranias

Source: Capital

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