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Its officials Ministry of Finance and the central bank held bilateral talks with its counterparts in Japan and United Kingdom in the creation of currency exchange lines and with Qatar and China to expand existing facilities they said Reuters the same sources
THE Sevdet Gilmaz, vice president of the ruling party AKP on foreign affairs, confirmed Thursday that Turkey is seeking swap deals.
“We are negotiating with different central banks for exchange opportunities,” he said during the discussion, adding: “Not only the United States, but also other countries.”
He did not provide further details.
Turkish lira is at record low
The need arose from the moment that Turkish pound fell to a record low last week, limiting its capacity Ankara to address concerns about their depleted foreign exchange reserves and large debt service obligations.
One of the officials told Reuters that he Turkey feel confident after conversations. But it was unclear how close a deal could be secured, such as his pandemic. teasing squeeze governments and central banks like never before.
Turkish Ministry of Finance, the Ministry Japan finance and the Bank of England declined to comment. THE People’s Bank of China He did not respond to a Reuters request for comment. Your government’s press office Qatar did not answer a question about the expansion of exchanges with Anchor.
if she Turkey Analysts say it cannot secure tens of billions of dollars in financing, but it risks a global spiral similar to that of 2018, when the Turkish lira it has temporarily lost half its value in a crisis that has rocked emerging markets.
This week the President Tayyip Erdogan He attributed the fall of the Turkish lira to “those who believe they can destroy our economy, put ties to our feet, corner us using financial institutions abroad.”
At… depth IMF or capital controls?
The diplomatic effort comes at a time when its pandemic is approaching. teasing It is expected to cause a recession. And that indicates: continue Reuters – that he Turkey you are looking beyond your preferred source of funding, the US Federal Reserve. USA, and you may need to consider stricter decisions about the interest rates or options you have rejected, such as your attendance. IMF or capital controls.
“The talks are in a better position, especially with Qatar, China and Great Britain”said the first senior official, who asked not to be identified.
“I am optimistic that a certain amount of resources will be provided.”he added.
The other two officials said that the Turkey contact them Japanese representatives for possible funds, while one added that the talks should be accelerated to secure an exchange line of credit.
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