Turkiye & Kazakhstan sign $731 mn currency swap deal

The Central Bank of the Republic of Turkiye and the National Bank of the Republic of Kazakhstan have signed a Turkish lira-Kazakhstani tenge bilateral swap arrangement. The agreement, signed in Washington, US, by Governor Fatih Karahan, PhD, and Governor Timur Suleimenov, allows the exchange of local currencies of up to TRY 28 billion (~$731.11 million) or KZT 423 billion.

This arrangement is designed to promote bilateral trade through a swap-financed trade settlement facility and financial cooperation between the two countries. Both sides expect that this arrangement will further strengthen the collaboration between the two central banks, Central Bank of the Republic of Turkiye said in a release.

It will be effective for three years and may be extended further by mutual agreement.

Fibre2Fashion News Desk (HU)