Central banks of the United Arab Emirates (UAE) and Turkey signed a bilateral currency swap agreement. According to a statement by the Turkish Central Bank, the nominal size of the deal is mutually AED 18bn and TRY 64bn. The agreement aims to enhance bilateral trade and to further strengthen financial cooperation between the two countries....
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Turkey’s Rate Cut Could Undermine Modest External Improvement: Fitch
The Central Bank’s 100 basis point rate cut and change in policy guidance will increase the challenge of bringing inflation under control and highlights the weak credibility of monetary policy, according to the international credit rating agency Fitch Ratings. “The decision also risks undermining the recent partial recovery of the country’s international reserve position,” Fitch...