Tuesday, 26 November 2019

#Turkey Expands Crisis-Era Swap Deal With #Qatar to $5 Billion - Bloomberg

Turkey Expands Crisis-Era Swap Deal With Qatar to $5 Billion - Bloomberg:

Turkish and Qatari central banks are boosting the size of a currency-swap deal that dates back to last year’s lira crisis, extending the gas-rich Gulf nation’s support for its ally by adding to its foreign-exchange reserves.

Clinched during President Recep Tayyip Erdogan’s visit to Doha, the agreement will raise the limit on the existing arrangement to $5 billion from $3 billion. The goal is to boost “bilateral trade in respective local currencies and to support financial stability of the two countries,” Turkey’s central bank said in a statement on Tuesday.

Drawn closer by a succession of crises in both countries, the latest commitment cements an alliance that began to deepen after a failed 2016 coup against Erdogan, when he received backing from Qatar’s rulers. Turkey returned the favor a year later by siding with Qatar after it came under an economic boycott from a group of countries led by Saudi Arabia, Turkey’s rival in the Middle East.

No comments:

Post a Comment