Turkey, Economy, Middle East

Turkish, Qatari central banks ink currency swap deal

Deal aims to enhance cooperation between two banks by setting a two-way currency exchange line

Tuba Şahin   | 20.08.2018
Turkish, Qatari central banks ink currency swap deal DOHA, QATAR - AUGUST 19: Governor of Central Bank of the Republic of Turkey (CBRT), Murat Cetinkaya (3rd L) and Governor of Qatar Central Bank Sheikh Abdulla Bin Saoud Al-Thani (3rd R) pose for a photo after signing the swap agreement during the signing ceremony in Doha, Qatar on August 19, 2018. ( CENTRAL BANK OF THE REPUBLIC OF TURKEY / HANDOUT - Anadolu Agency )

Ankara

By Dilara Zengin

ANKARA

The central banks of Qatar and Turkey signed a currency swap agreement in the Qatari capital Doha.

According to sources from the Turkish central bank, the first step has been taken after Qatar pledged $15 billion of investment package in Turkey last Wednesday.

The agreement aims to enhance bilateral cooperation between two banks by setting a two-way currency exchange line.

It will provide liquidity and support for financial stability, along with facilitating exchange of trade between Turkey and Qatar. The agreement will also contribute to the enrichment of reserves of both countries.

The funding for the first phase of the deal is expected to be worth $3 billion.

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