Turkey Got a $1 Billion Foreign Cash Boost From China in June
By Kerim Karakaya and Asli Kandemir
August 9, 2019, 1:54 PM GMT+1 Updated on August 9, 2019, 3:32 PM GMT+1
Cash infusion reflects Erdogan’s efforts to realign Turkey
First time Turkey gets significant cash under the 2012 deal
China’s central bank transferred $1 billion worth of funds to Turkey in June, Beijing’s biggest support package ever for President Recep Tayyip Erdogan delivered at a critical time in an election month.
The inflow marks the first time Turkey received such a substantial amount under the lira-yuan swap agreement with Beijing that dates back to 2012, according to a person with direct knowledge of the matter who asked not to be named because the information isn’t public.
More:Turkey Got $1 Billion From China Swap in June Boost to Reserves - Bloomberg