Turkey is close to signing a €1bn ($1.14bn) currency swap deal with Azerbaijan in the coming weeks, two Turkish officials familiar with the issue told Middle East Eye, APA-Economics reports.
The proposed agreement is one of several currency swap deals that Turkey has made recently to bolster its hard currency reserves.
"The deal is almost ready," a senior Turkish official told MEE. "It is just the bureaucracy that takes time."
Turkey on Wednesday signed a nearly $5bn currency swap agreement with the United Arab Emirates amid a currency crisis that has depleted the Turkish Central Bank’s coffers.
Excluding swaps and commitments, the Turkish Central Bank’s net international reserves plunged to minus $56bn last month, the lowest on record since 2002, following a string of hard currency sales by the bank to stabilise the lira.
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