The Turkish lira continues to decline after “record losses”

Turkey and the UAE signed nine agreements and memoranda of understanding, on the sidelines of the visit of Abu Dhabi Crown Prince, Mohammed bin Zayed, to the Turkish capital, Ankara, after an invitation from Turkish President Recep Tayyip Erdogan.

In the presence of Mohammed bin Zayed and Erdogan, on Wednesday, the signing ceremony of agreements and memoranda of understanding took place between the Central Bank of Turkey and its UAE counterpart, and between the Turkish Sovereign Fund and Emirati investment funds.

This is in addition to memoranda of understanding between the Turkish Sovereignty Fund and the Abu Dhabi Ports Company, and between the Istanbul and Abu Dhabi stock exchanges, in the field of combating money laundering and combating terrorist financing.

The signing ceremony also withdrew to the Abu Dhabi Development Holding Company and the Investment Authority of the Turkish Presidency, and an administrative cooperation and partnership agreement in customs affairs between the two countries and in the fields of energy and environment.

In a press conference reported by Turkish media on the sidelines of the signing ceremony, the Chairman of the Board of Directors of the Abu Dhabi Development Holding Company, Mohammed Hassan Al-Suwaidi, announced that the UAE had allocated 10 billion dollars to invest in Turkey.

The foregoing comes at a time when Turkey is experiencing a currency crisis, as the Turkish lira recorded record levels of decline in the foreign exchange market, during the past days.

While on Tuesday it reached the barrier of 13 pounds per dollar, it recorded a recovery after the announcement of agreements and memoranda of understanding, reaching a limit of 12.4 against the dollar.

This is the first visit by Mohammed bin Zayed to the capital, Ankara, since 2012.

The official Emirates News Agency, WAM, said that the visit came at the invitation of the Turkish president, adding that it will discuss “bilateral relations and ways to enhance cooperation and joint work between the two countries in various fields to achieve their mutual interests.”

Relations between the Emirates and the two countries went through a difficult period over the years, as each of them supported a different party in the conflict in Libya, while their positions also differed on other regional issues, including the position on political Islam, which Abu Dhabi rejects.

The Crown Prince of Abu Dhabi is scheduled to conclude his visit to Ankara with a working dinner, according to what the Turkish presidency announced on Wednesday morning.

On Tuesday, the head of the Turkish Exporters Association, Ismail Gul, made a statement via Twitter, saying: “We have held meetings in the UAE to increase our country’s exports and job opportunities. We are returning to Turkey with good news.”

While the UAE Minister of Economy, Abdullah bin Touq Al Marri, stressed that the economic relations between his country and Turkey, which are constantly strengthening, “provide great opportunities to establish new partnerships in various fields.”

For his part, the UAE Minister of State for Foreign Trade, Thani Al-Zeyoudi, said, according to what was reported by the Emirates News Agency (WAM), that “Turkey is an important market for Emirati products to reach Europe and some Asian countries, as well as a bridge for Turkish products to reach the countries of the Middle East. Asia and Africa”.

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