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Turkey Seeks FX Swaps With G-20 States Including U.S.

  • Erdogan appealed to Trump to expand Fed facility to Turkey
  • There are no signs talks resulted in a new bilateral agreement
Turkish Lira
Photographer: Chris Ratcliffe/Bloomberg
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Turkey is initiating talks with other Group of 20 nations to get its central bank included in swap lines like those the U.S. has extended to other emerging economies, according to people familiar with the efforts.

During a call with Donald Trump on March 31, Turkey’s President Recep Tayyip Erdogan floated the idea that the U.S. Federal Reserve should expand its swap agreements to include Turkey’s monetary authority, the people said, asking not to be identified as the matter hasn’t yet been made public.