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Turkey receives $780m from South Korea under swap deal

Person, Human, Money Creative Commons
Unifying multiple exchange rates is one of several steps sought by the IMF for Lebanon to clinch a $3 billion aid package

South Korea made a transfer worth $780 million to Turkey’s central bank last week, a portion of the $2 billion agreed under a swap deal signed in 2021, two bankers told Reuters.

The total amount transferred to Turkey from South Korea under the deal is now worth almost $1 billion, said bankers, citing calculations based on the central bank’s balance sheet and reserves data.

Turkey’s central bank has swap deals in local currencies with several of its counterparts worth a total of $28 billion. It signed a deal with China for $6 billion, with Qatar for $15 billion, with the United Arab Emirates for around $5 billion.

Earlier, three state banks have suspended the use of the Russian Mir payment system, Finance Minister Nureddin Nebati told Reuters.

The suspension comes as the United States cracks down on those accused of helping Moscow skirt sanctions and as Western nations grow concerned over increased economic ties between NATO-member Turkey and Russia.