Pakistan and Turkey to Swap Currency

Full Story: The Times of India 1 November 2011

Pakistan and Turkey have agreed to swap currency to help grow bilateral trade between the two countries. The visiting Pakistani President vowed that the move may double the existing bilateral trade of $1 billion to $2 billion dollars next year. 

The Pakistani presidential spokesman told the press that:

The move will enable  traders and businessmen of the two countries to trade in their respective currencies without drawing from their dollar based foreign exchange reserves. This will reduce pressure on the foreign exchange reserves and give a quantum jump to the bilateral trade between the two countries. 

Posted in: Money, Relations