The ability of Turkey's President Recep Tayyip Erdoğan to get financing from “friendly countries” is really quite impressive -- even countries that themselves aren't exactly friends have lent large sums to the CBRT ... 1/

Today's news is that the Qataris may augment their existing $15 billion in support (via a swap line) with an additional $8-10 billion (including the purchase of a Turkish eurobond, which would deliver USD not just QAR) 2/ reuters.com/world/middle-e…

The Qataris are more than keeping pace with the Saudis, who are in talks for only $5 billion (structured as a deposit at the CBRT) ft.com/content/ae8531…

The Saudis joined the Russians, who had to take a more convoluted path to get money to Turkey -- Gazprombank lent $7b to Rosatom, which transferred the funds to its Turkish JV (they then were placed in Turkish deposits/ dollar bonds) middleeasteye.net/news/russia-tu…

The Russians joined the Emiratis, who have a $5 billion swap with the CBRT bloomberg.com/news/articles/…

And the Emirati swap (from early 2022) kept pace with China, which augmented its swap to $6 billion in the summer of 2021 ... reuters.com/article/turkey…

Korea hasn't wanted to lose out commercially to China -- in October, the CBRT drew $780 million (around TL 14.5 billion) from its $2b swap line with Korea ... 7/ dailysabah.com/business/finan…

Even the Azeris (no friends of Russia) have provided $1 billion through their state oil company. And I am still trying to figure out the additional $2 billion deposit from a country to be named later ... (in the July BoP I think, so it is real) 8/

External fx liabilities (including $23-24b per Reuters from the drawn swap lines) are now equal to about half of Turkey's reported liquid fx reserves (I am leaving the gold out) 9/

And the CBRT has another $50b or so in swaps with the domestic banks (off balance sheet FX liabilities) and over $80b in on balance sheet liabilities to the domestic banks (dollar deposits as part of the banks reserve requirement, etc). The CBRT's fx liabilities are massive 10/

Unsurprisingly, the CBRT now actually wants "real" fx (dollars and euros) from deposits, not swaps that inflate stated reserves with difficult to use currencies (Qatari riyal, UAE dirham) 11/ reuters.com/world/middle-e…

Erdogan has lined up a substantial amount of new funding it seems, even relative to Turkey's $40 billion current account deficit. Combine the new deposits with soft capital controls, and Turkey doesn't yet look to be close to running of fx 12/ mei.edu/publications/l…