Central Banks of Turkey and Kazakhstan Seal Bilateral Currency Swap Agreement
kazakhistan
The Central Bank of the Republic of Turkey (CBRT) and the National Bank of Kazakhstan have signed a landmark bilateral currency swap agreement, aimed at strengthening financial cooperation and bilateral trade between the two countries.
According to a CBRT statement, the agreement was signed in Washington, D.C. by CBRT Governor Dr. Fatih Karahan and Kazakhstan Central Bank Governor Timur Suleimenov.
Swap Deal Worth 28 Billion Lira or 423 Billion Tenge
The agreement allows for the exchange of local currencies between the two central banks up to a maximum of 28 billion Turkish lira or 423 billion Kazakhstani tenge. The initial term is set at three years, with a possibility for extension through mutual consent.
“The agreement aims to promote bilateral trade and financial collaboration through swap-financed transactions,” the CBRT said in its official statement.
The deal is expected to enhance monetary cooperation and provide a framework for more stable and localized trade settlements, reducing dependency on major reserve currencies.
Part of Broader Strategy to Diversify Trade Partnerships
This move aligns with Turkey’s ongoing strategy to deepen financial ties with regional partners and support the use of national currencies in international trade. Similar agreements have previously been signed with countries like China, Qatar, and South Korea, signaling Ankara’s shift toward multipolar economic diplomacy.