Shotgunner51
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Business News
June 19, 2020 / 9:28 PM / 2 days ago
FILE PHOTO: Turkey's Central Bank headquarters in Ankara, Turkey, April 19, 2015. REUTERS/Umit Bektas
ISTANBUL (Reuters) - Turkey’s central bank said on Friday it had used a funding facility for Chinese yuan for the first time under a prior swap agreement with the People’s Bank of China.
In the transaction on Thursday, Turkish companies in various sectors paid, via banks, their import bills from China using yuan, the central bank said.
It added that the move would strengthen cooperation between Turkey and China, and that commercial banks would be able to add products related to trade and financial activities with a strategy based on the swap agreement.
A fall in the Turkish central bank’s foreign exchange reserves, partly caused by state bank interventions to prop up the lira, has raised concerns that Turkey would need foreign funding.
Reuters reported in May that the central bank was making efforts to establish swap lines with the central banks of England and Japan and expand its existing swap lines with Qatar and China.
The tripling of the swap line with Qatar to $15 billion equivalent in local currencies last month led to an $8 billion rise in the reserves, but analysts said it was far from meeting the country’s needs.
Reporting by Ali Kucukgocmen; editing by Jonathan Spicer, Larry King
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June 20 2020 11:30:00
Turk Telekom uses yuan for trade with China
ISTANBUL- Anadolu Agency
Turkey's telecommunications giant Turk Telekom took the first step to trade in local currencies through a new mechanism provided by Turkey and China's new swap agreement on June 19.
The GSM firm used Chinese yuan for import payments after the swap agreement, which removed the obstacles for using local currencies in bilateral trade instead of a third country's currencies, Turk Telekom said in a press release.
Earlier, the Turkish Central Bank announced that the first usage of the Chinese yuan funding under the swap agreement signed with China was realized on June 18.
According to the bank, Turkish companies in various sectors paid their import bills from China using yuan through relevant banks.
Ümit Önal, the CEO of Turk Telekom, said the use of local currencies for international trade has been increasing day by day.
June 19, 2020 / 9:28 PM / 2 days ago
FILE PHOTO: Turkey's Central Bank headquarters in Ankara, Turkey, April 19, 2015. REUTERS/Umit Bektas
ISTANBUL (Reuters) - Turkey’s central bank said on Friday it had used a funding facility for Chinese yuan for the first time under a prior swap agreement with the People’s Bank of China.
In the transaction on Thursday, Turkish companies in various sectors paid, via banks, their import bills from China using yuan, the central bank said.
It added that the move would strengthen cooperation between Turkey and China, and that commercial banks would be able to add products related to trade and financial activities with a strategy based on the swap agreement.
A fall in the Turkish central bank’s foreign exchange reserves, partly caused by state bank interventions to prop up the lira, has raised concerns that Turkey would need foreign funding.
Reuters reported in May that the central bank was making efforts to establish swap lines with the central banks of England and Japan and expand its existing swap lines with Qatar and China.
The tripling of the swap line with Qatar to $15 billion equivalent in local currencies last month led to an $8 billion rise in the reserves, but analysts said it was far from meeting the country’s needs.
Reporting by Ali Kucukgocmen; editing by Jonathan Spicer, Larry King
-------------------------------------------------------------------------------------------------------------------------------
June 20 2020 11:30:00
Turk Telekom uses yuan for trade with China
ISTANBUL- Anadolu Agency
Turkey's telecommunications giant Turk Telekom took the first step to trade in local currencies through a new mechanism provided by Turkey and China's new swap agreement on June 19.
The GSM firm used Chinese yuan for import payments after the swap agreement, which removed the obstacles for using local currencies in bilateral trade instead of a third country's currencies, Turk Telekom said in a press release.
Earlier, the Turkish Central Bank announced that the first usage of the Chinese yuan funding under the swap agreement signed with China was realized on June 18.
According to the bank, Turkish companies in various sectors paid their import bills from China using yuan through relevant banks.
Ümit Önal, the CEO of Turk Telekom, said the use of local currencies for international trade has been increasing day by day.
