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Turkish government banks on Gulf financial support to save economy

As crucial elections near, Ankara pins hope on financial support from “friendly” countries to ease its foreign currency shortfall and rein in inflation.
A man sits next to a currency exchange office at Istanbul's Grand Bazaar on May 5, 2022.
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Turkey’s government is on a quest to secure new foreign exchange inflows from “friendly” countries, among them Saudi Arabia and Qatar, as international observers warn that a fresh currency crisis could be inevitable for the country. 

With crucial elections looming in June, such inflows are important to prop up the embattled Turkish lira and avert another whirlwind of price hikes, but how much those efforts could help remains open to question. 

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