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

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A client grabs US dollars banknotes at a foreign exchange office in the centre of Ankara on May 25, 2018. / 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.

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