Turkey has held talks with the United States about possibly securing a swap line from the Federal Reserve and has discussed other funding options ...
Turkey has held talks with the United States about possibly securing a swap line from the Federal Reserve and has discussed other funding options to mitigate fallout from the coronavirus outbreak, Turkish officials said on Friday.
While Ankara is keen to secure funding from the U.S. central bank if possible, the officials said Turkey is not at the same time considering pursuing a deal with the IMF given what they called negative domestic perceptions of working with the Fund.Analysts have raised concerns that a draw-down in foreign reserves could hamstring Turkey's response to the pandemic, heightening the need for foreign funding.
The Fed has ramped up its swaps lines - in which it accepts other currencies in exchange for dollars - to central banks in several countries including Brazil, South Korea and Mexico to backstop global financial markets amid the crisis. A second Turkish official said:"A Fed swap line is quite attractive and can be considered as an option."
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