Turkey’s deal with UAE to build foreign exchange reserves

ANKARA, Turkey (AP) — The Turkish central bank says it and the United Arab Emirates have agreed to a currency swap deal equivalent to $4.74 billion to boost Turkey’s depleted foreign exchange reserves. Under the agreement announced Wednesday, Turkey and the UAE agreed to swap 65 billion Turkish lira and 18 billion UAE dirham for a period of three years, with the possibility of extending the deal further. The agreement aims to help Turkey’s reserves following a series of interventions by the central bank, which sold foreign currency to prop up the lira amid a currency crisis. It comes as Turkey and the UAE have taken steps to improve relations following years of tensions.