Turkish central bank’s FX reserves jump to almost $32 bln after Qatar swap deal

Fake US dollar notes showing the head of Turkey's Prime Minister Tayyip Erdogan with a long nose are spread across a street leading to a building of Erdogan's AK ruling party during a protest against corruption in Ankara on February 28, 2014. Protestors took to the streets for the fourth consecutive day day in protest against Recep Tayyip Erdogan's government after corruption allegations against the prime minister surfaced.AFP PHOTO/ADEM ALTAN / AFP PHOTO / ADEM ALTAN

The Turkish central bank’s net international reserves jumped to 217.052 billion lira ($31.97 billion) as of May 22, from 180.003 billion lira a week earlier, data showed on Friday, reflecting how Turkey made use of an expanded swap facility with Qatar.

The exchange rate used by Reuters on Friday was 6.7883 compared to 6.9543 a week ago.

Turkey signed an agreement with Qatar’s central bank last week tripling an existing currency swap line to $15 billion from $5 billion previously. It struck the deal to relieve concerns over the central bank’s diminished reserves, and funds were transferred on May 20.

The Turkish central bank’s gross forex reserves rose to $55.59 billion as of the same date, from $48.89 billion a week earlier.

Turkish Minute


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