Currency Swap Arrangement signed with Turkey – Alfalah Securities Limited

Karachi: The State Bank of Pakistan (SBP) has become successful in negotiating a currency swap deal with the Central Bank of the Republic of Turkey (CBRT) under the bilateral Currency Swap Arrangement (CSA) for an amount equal to USD 1 bn.

According to Alfalah Securities Limited, the agreement signed under CSA is aimed at promoting bilateral trade between the two countries. The currency swap agreement would enable traders and businessmen of the two countries to trade in their respective currencies without drawing from their dollar-based foreign exchange reserves. The agreement signed would bode well for the two countries as it would reduce the pressure on their foreign exchange and would also enhance bilateral trade denominated in PKR and Turkish Lira.

Leave a Reply