The central banks of Türkiye and the United Arab Emirates (UAE) signed a bilateral currency swap agreement of a nominal size of 18 billion UAE dirham ($4.90 billion) and TL 198 billion, they each said on Thursday.
The Turkish central bank said the swap deal is designed to provide local currency liquidity to financial markets and enable more efficient settlement of commercial and financial transactions.
The banks also signed two memorandums of understanding focusing on promoting the use of local currencies in cross-border transactions and linking payment and messaging systems between the countries, the Turkish side said.
