Turkey's central bank said on Friday it had used a funding facility for Chinese yuan for the first time under a prior swap agreement with the People's Bank of China.
FILE PHOTO: Turkey's Central Bank headquarters in Ankara, Turkey, April 19, 2015. REUTERS/Umit Bektas
In the transaction on Thursday, Turkish companies in various sectors paid, via banks, their import bills from China using yuan, the central bank said. A fall in the Turkish central bank’s foreign exchange reserves, partly caused by state bank interventions to prop up the lira, has raised concerns that Turkey would need foreign funding.
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