KARACHI: Pakistan’s central bank on Tuesday issued instructions to banks for the implementation of a $1 billion three-year bilateral currency swap arrangement with Turkey.

The State Bank of Pakistan (SBP) has issued necessary instructions to banks for its implementation after due consultations with various stakeholders and completion of operational formalities with CBRT, said a press release issued here Tuesday.

The three-year bilateral Currency Swap Arrangement (CSA) between the State Bank of Pakistan (SBP) and the Central Bank of Republic of Turkey (CBRT) amounts to US$ 1 billion in equivalent local currencies

The bilateral CSA was signed between SBP and CBRT by SBP Governor, Yaseen Anwar and CBRT Governor, Erdem Ba in presence of the Pakistani and Turkish presidents in November last year.