Turkey, Qatar extend currency swap agreement for three years

Turkey and Qatar have agreed to extend for three years a currency swap agreement between their central banks, Daily Sabah reports, citing a joint statement by the two countries.
Qatar and Turkey “welcomed the signing of the agreement on the extension and amendment of the Turkish lira-Qatari riyal currency exchange arrangement between the Central Bank of the Republic of Turkey (CBRT) and the Central Bank of Qatar,” the statement, released by the Qatari foreign ministry, said.
CBRT per the agreement will receive $15 billion down from $10 billion agreed in May last year. Turkey’s central bank last year received $10 billion from the currency swap agreement, the Turkish media notes.
The extension deal was signed on the sidelines of President Recep Tayyip Erdoğan’s two-day visit to Qatar on Monday and Tuesday.
The two countries also signed 15 other agreements covering several areas including trade, investment, development to media and disaster management and pledged to “explore more ways” to boost economic ties and financial coordination.
Both countries are strategic partners. They have seen their relations scale up and further cemented since 2017 after Saudi Arabia, UAE, Bahrain and Egypt imposed a sea/air/land blockade on Qatar over Doha’s alleged support terrorism.

Written by