BAKU, Azerbaijan, January 22
By Sadraddin Aghjayev – Trend:
The possible swap line between Central Banks of Azerbaijan and Turkey is not expected to prove a material drain on international reserves of Central Bank of Azerbaijan (CBA), Trend reports citing the S&P Global Ratings.
“We understand that there are discussions between the central banks of Azerbaijan and Turkey with a plan for the CBA to provide a swap line to the Central Bank of Turkey (CBRT) to help bolster the CBRT's foreign exchange reserves," said the report.
S&P says although there are no specific details available so far, the agency doesn't expect it to prove a material drain on CBA's international reserves,” the agency said.
Turkish media reported previously that in the coming weeks, the Central Bank of Azerbaijan will sign a swap deal with Turkey for one billion euros. A similar agreement between the Central Bank of Turkey and the UAE has already been signed.