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Turkish, Qatari central banks raise swap agreement limit to $5 billion: report

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The overall limit of a swap agreement between the Turkish and Qatari central banks has been increased to a $5 billion equivalent of lira and riyal, from $3 billion, Turkey’s central bank said on Tuesday, according to Reuters.

The two banks signed the swap agreement on Aug 17, 2018, and it was amended in Doha on Monday when Turkish Recep President Tayyip Erdoğan paid an official visit there.

The deal aims to facilitate bilateral trade in respective local currencies and support the countries’ financial stability, the statement said.

Relations between Turkey and Qatar have been close in recent years.

Ankara supported Doha after Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed ties with Qatar in 2017, accusing it of funding militant groups. Doha denies the charge.

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