Qatar and Turkey sign Currency Swap Agreement: Qatar central bank
text_fields
Dubai: - Qatar and Turkey’s central banks have signed a Currency Swap Agreement to provide bilateral co-operation between the two central banks and support for financial stability, Qatar’s central bank said on Sunday.
The deal comes days after Qatar, Turkey’s major Gulf ally pledged $15 billion in support.
The agreement, was signed by the heads of the two central banks on Friday, and it envisages establishing a two-way currency exchange line, the Qatar Central Bank said in a news post on its website.
Qatar’s Emir this month approved a package of economic projects, including investments and deposits for Turkey worth $3 billion, giving a boost to the battered lira currency, which has been hit by a widening currency crisis.
The lira had taken a beating following a US decision to slap substantial import tariffs on Turkish products. The US's Trump administraion has recently expressed its views on several issues against Turkey's stances and acts, which on the economic front culminated in the tariffs.