Turkey BC closes deal with UAE BC to increase reserves

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The Central Bank of the United Arab Emirates (CBUAE) and the Central Bank of the Republic of Turkey (CBRT) announced on Wednesday (19) the establishment of a bilateral currency exchange agreement between the dirham and the Turkish lira.

The nominal size of the swap contract is 18 billion and 64 billion, respectively.

According to the BCs, the agreement aims to promote bilateral trade with the aim of further strengthening financial cooperation between the two countries, lasting three years, with the possibility of extension.

Turkish President Tayyip Erdogan said on Wednesday there would be no more volatility in financial markets caused by unbalanced demand for foreign currency after the lira tumbled 44% against the dollar last year.

In a speech to neighborhood administrators in Ankara, Erdogan said excesses would soon be removed from inflation – which soared to 36.1% a year in December, the highest level in his 19 years in power.

*With information from Reuters

Reference: CNN Brasil

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