Saturday, July 4

Turkey Borrowed Foreign Currency as Lira Tumbled – The Wall Street Journal

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Turkey’s central bank ramped up foreign-currency borrowing from local banks to a record high last month, as it moved to reverse a steep fall in the local currency.

The bank borrowed more than $5 billion in April, sending a key measure of foreign-currency borrowing to its highest level ever, according to data released Thursday. Total short-term borrowing in a type of financial contract known as a currency swap was $35.5 billion, up from $29.6 billion a month earlier. The swaps are equivalent to a significant share of its $86.3…

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