The move secures much-needed funding as the country of 82 million burns through its reserves and faces a widening fiscal deficit.
The move amended the original limit of $5 billion on the two countries' initial swap agreement in 2018, raising it to $15 billion.
The move amended the original limit of $5 billion on the two countries' initial swap agreement in 2018, raising it to $15 billion. The Turkish central bank has drawn down millions of dollars from its foreign currency reserves in recent months to buyand prop it up against the dollar. The expanded swap line with Qatar — which in recent years has strengthened its political and economic relationship with Ankara — enables Turkey's central bank to provide its domestic banks with the foreign liquidity they need without using its own foreign reserves.
"From a geopolitical perspective, the U.S. is staunchly opposed to the conclusion of such deals, which aim at ditching the U.S. dollar," Demarais remarked, noting a key function of such swap deals, which are often used to circumvent U.S. sanctions and render the dollar irrelevant. "U.S.-Turkey tensions will only rise further, which represents the main threat to the Turkish economy.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Qatar Airways cabin crew to wear hazmat suitsQatar Airways is one of several airlines to introduce PPE for its cabin crew due to the coronavirus. All flight attendants for Qatar's flag carrier will wear a hazmat suit over their uniforms, along with safety goggles, gloves and a mask during flights.
Weiterlesen »
Qatar halts all commercial activities until end of MayQatar tightened restrictions on commercial activities on Monday, ordering all shops to close until the end of the month as part of measures to stem the spread of the novel coronavirus.
Weiterlesen »
Qatar Airways changes new unlimited change policy - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Weiterlesen »
South Korea's central bank needs to cut policy rate to near zero: government think-tankA South Korean state-run think-tank said on Wednesday the central bank should cut benchmark interest rates to near zero to support an economy hit by the coronavirus pandemic.
Weiterlesen »
Alibaba, T-Mobile Shares To Be Sold as Softbank Losses Approach $15 BillionJapanese tech investor, Softbank is poised to sell large chunks of its share stakes in T-Mobile U.S. and Chinese e-commerce giant Alibaba. Softbank revealed annual losses of $14.8 billion, includin…
Weiterlesen »
Essential Politics: Schools lose big in Newsom's budgetSchools are facing a $15-billion cut in current funding levels under Gov. Gavin Newsom's new state budget.
Weiterlesen »