Turkey's government has appealed to foreign allies in an urgent search for funding, three senior Turkish officials said, as it prepares defences against what analysts fear could be a second currency crisis in as many years.
have dropped to $26 billion from $40 billion this year. Bankers say that was largely due to state lenders selling some $30 billion in FX markets to support the lira, which has nonetheless fallen 15% this year.The country’s 12-month foreign debt obligations are $168 billion, with about half due by August, while disappearing tourism income has inflated its monthly current account deficit to nearly $5 billion.
On the call, Albayrak said reserves are adequate and he was optimistic about negotiating new funding with fellow G20 nations and trade partners, according to participants and a brief ministry summary. A Japanese government official said Tokyo has no plan for now beyond monitoring the lira, but added the Group of Seven countries or the International Monetary Fund would rescue Turkey “if it morphs into a real crisis.”Any significant weakening of the lira beyond 7 per dollar, where it has stabilized, could erode support for Erdogan, whose party lost local elections last year on the heels of the 2018 crisis that sent inflation and unemployment soaring.
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