Turkish lira rebounds after record lows

  The dollar was trading at 11.85 Turkish lira today, Thursday (Al-Araby Al-Jadeed)

continued Turkish lira She recovered, today, Thursday, after Historic landing To record low levels this week, raised by the president's defense Recep Tayyip Erdogan about interest rate cuts.

And the dollar was trading at 11.85 pounds by 04:00 GMT, as it strengthened about 1.9% from about 12.0820 yesterday, Wednesday. And recorded the lowest level against the dollar on Tuesday at 13.45.

The Turkish currency recorded its lowest levels ever against the dollar in 11 consecutive sessions before Wednesday, bringing its losses since the beginning of the year to 45% of its value, and it has incurred about half of those losses since the beginning of last week.

Memorandum of Understanding between the Central Banks of Turkey and the UAE

In a related context, Reuters reported, today, Thursday, that the Turkish Central Bank signed a memorandum of understanding with the UAE Central Bank, to enhance cooperation in the field of central banking services.

Two sources told the agency, on Wednesday, that the two banks had held talks about a possible swap deal.

Yesterday, Wednesday, Turkey and the United Arab Emirates signed, Agreements in the fields of energy, technology investments and ports After talks between Turkish President Recep Tayyip Erdogan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan in Ankara.

The UAE announced the establishment of a $10 billion fund to support investments in Turkey.

(Reuters, The New Arab)

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