Saudi Press

Saudi Arabia and the world
Wednesday, Jun 04, 2025

South Korea transfers $780 mln to Turkish cenbank in swap deal -bankers

South Korea transfers $780 mln to Turkish cenbank in swap deal -bankers

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.

The Turkish central bank did not comment on the issue.

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.

The Turkish central bank's reserves have declined sharply in recent years, mainly due to market interventions totaling $128 billion in 2019-2020 to support the lira. It has taken more indirect steps to stop the currency's decline this year, taking on a more dominant role in the forex market.

Its net forex reserves stood at $9.72 billion as of Sept. 30, data showed on Thursday, up from a 20-year low of $6.07 billion it touched in July.

The bank has built up its reserves through swap deals and more recently through newly opened depo accounts in dollars or euros. During periods when reserves rose, President Tayyip Erdogan had said "friendly countries are supporting" the central bank.

Azeri SOCAR has a depo account worth 1 billion euros at the Turkish central bank, while another central bank, the name of which has not been disclosed, has an account worth almost $2 billion.

Bankers say inflows to local banks of some $5 billion from Russia's Rosatom provided to construct a nuclear plant in Turkey boosted the central bank's reserves in the summer by around $6.1 billion.

Markets are watching to see whether Rosatom will make other transfers for the construction of the plant worth $20 billion.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
×