Turkey and Qatar agree to develop financial cooperation

Turkey and Qatar agree to develop financial cooperation

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

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

The agreement was signed by the Governor of Qatar’s Central Bank (QCB), H.E Sheikh Abdullah bin Saoud Al Thani, and the Governor of the Central Bank of the Republic of Turkey, Murat Cetinkaya.

The agreement aims to enhance bilateral cooperation between two banks through setting a two-way currency exchange line, Hurriyet Daily reported.

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 enrichment of reserves of both countries, according to the source.

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