Lira firms against dollar as Turkey searches for foreign funds

admin5个月前 OPINION41

The recently embattled Turkish lira edged up on Friday and held gains from late Thursday following reports that officials held talks with counterparts in Tokyo, London and elsewhere over new possible foreign funding.

The lira, which hit a record low of 7.269 last week, stood at 6.917 against the dollar at 08:47 GMT, after data showed that measures taken to curb the coronavirus pandemic weighed heavily on the fiscal budget and on housing sales


  • Turkish lira nears all-time low as foreign exchange reserves fall

  • Turkey's lira nears record lows as investors weigh virus fallout

  • Risks are mounting for Turkey's economy

Treasury and central bank officials have held bilateral talks in recent days with counterparts from Japan and the United Kingdom on setting up currency swap lines, and with Qatar and China on expanding existing facilities, Reuters news agency reported on Thursday, citing officials. 

Cevdet Yilmaz, the ruling AK Party's deputy chairman for foreign affairs, confirmed that Turkey is seeking swap agreements.

"We are having negotiations with different central banks for swap opportunities," he told a panel discussion on Thursday, adding: "It is not only the US, there are also other countries." He did not elaborate further on details.

The push comes after the lira has fallen under severe pressure, limiting Ankara's capacity to address concerns over its depleted foreign reserves and hefty debt obligations.

An official told Reuters that Turkey was feeling confident after the talks. But it was unclear how close it may be to securing any deals as the coronavirus pandemic stretches governments and central banks like never before.

Turkish Lira


Stigma, fears of quarantine hinder Kenya's COVID-19 fight

Mass testing for the novel coronavirus is under way in the worst affected areas of Kenya. But many a...

Rise in deaths with COVID-like symptoms in south Yemen: Aid group

The charity Save the Children says 385 patients showing coronavirus-like symptoms have died in the p...

Global coronavirus death toll exceeds 300,000: Live updates

To date, more than 4.4 million people have been infected, and over 301,000 have died from COVID-19,...

South Africa: Many in Johannesburg are going hungry

Johannesburg has been locked down for more than six weeks, along with the rest of South Africa. Many...

Burundi expels WHO officials coordinating coronavirus response

Burundi has ordered the country's top World Health Organization (WHO) representative and three other...

Benin to hold contentious local polls despite coronavirus threat

Benin is due to hold local elections on Sunday without leading opposition parties as the authorities...