Economics
Turkey Got a $1 Billion Foreign Cash Boost From China in June
- Cash infusion reflects Erdogan’s efforts to realign Turkey
- First time Turkey gets significant cash under the 2012 deal
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China’s central bank transferred $1 billion worth of funds to Turkey in June, Beijing’s biggest support package ever for President Recep Tayyip Erdogan delivered at a critical time in an election month.
The inflow marks the first time Turkey received such a substantial amount under the lira-yuan swap agreement with Beijing that dates back to 2012, according to a person with direct knowledge of the matter who asked not to be named because the information isn’t public.