TURKEY, QATAR AGREED TO EXTEND THEIR CURRENCY SWAP DEAL

Wed 08 December 2021:

Qatar and Turkey have agreed to extend a currency exchange agreement between their central banks.

The two sides “welcomed the signing of the agreement on the extension and amendment of the Turkish lira-Qatari riyal currency exchange arrangement” between their central banks, according to a joint statement released on Tuesday.

The statement was made during Turkish President Recep Tayyip Erdogan’s visit to Doha, when he met with Qatari Emir Sheikh Tamim bin Hamad Al-Thani and discussed ways to strengthen collaboration in a number of areas, including the economy.

The agreement in 2018 was extended for the first time in May 2020, with the overall limit increased from $5 billion equivalent of Turkish lira and Qatari riyal to $15 billion.

Turkey’s currency problem is now worse than the one it faced in 2018, when it was embroiled in a diplomatic spat with then-US President Donald Trump.

Erdogan’s government backed Doha during a blockade of Qatar that began in 2017 over claims that it supported radical Islamists and was too close to arch-rival Iran, which Doha denied.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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