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May 21
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Central banks in Turkey and the UAE have signed a swap agreement worth nearly $5 billion.

The deal comes at a time when Turkish authorities are seeking funds to support the lira, which lost 44 percent of its value against the dollar last year.

The agreement, in local currency, aims to promote trade and financial cooperation between Turkey and the UAE, which are seeking to rebuild their relationship torn apart by disagreements over regional politics. The deal is for three years, Turkey's central bank said.

Turkey's foreign exchange reserves, net of liabilities such as swaps, fell to minus $57 billion after the central bank, with the help of state banks, made currency interventions to support the value of the lira over the past two years.

Turkey's central bank had previously signed swap agreements with China, South Korea and Qatar worth about $23 billion.

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