The UAE and Turkey signed a USD 4.9 bn, three-year currency swap agreement yesterday in a bid to prop up dwindling Turkish FX reserves, adding to similar agreements with Qatar, South Korea and China, Bloomberg reports. Turkey has been selling record amounts of USD to support its crashing currency — which lost 40% of its value last month alone. The agreement cements the new friendship between the two countries, after the UAE signed agreements with Turkey for bns of USD of investments last November to help stabilize the TRY.

Also worth knowing this morning:

• Is the party finally over for Boris Johnson? Pressure is escalating on the British prime minister to resign — or else risk being pushed out of power by his own MPs — as outrage over Downing Street lockdown parties refuses to dissipate, Reuters reports
• Yesterday’s pre-dawn demolition of a disputed property in east Jerusalem’s Sheikh Jarrah by Israeli police has set off local protests and drawn international criticism, with Palestinian President Mahmoud Abbas calling it a “war crime,” AP reports.