Turkey and the United Arab Emirates signed a $5bn deal to boost Ankara’s foreign currency reserves in the latest sign of warming ties between the two former arch rivals.
The two nations’ central banks announced a swap agreement that they said would be worth 18bn dirhams ($4.9bn) and 64bn lira.
Khaled Mohamed Balama, governor of the UAE central bank, said that the agreement “reflects each nation’s desire to enhance bilateral co-operation in financial matters, particularly in the fields of trade and investments between the two countries”.
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