Qatar bolsters Turkey’s shrinking reserves

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Central Bank of the Republic of Turkey. Photo: CBRT

Qatar has granted Turkey a $10 billion infusion of reserves, tripling the size of an existing swap line between the two countries.

The agreement was amended today (May 20) to raise the swap amount from $5 billion equivalent in Turkish lira and Qatari riyals to $15 billion. “The core objectives of the agreement are to facilitate bilateral trade in respective local currencies and to support financial stability of the two countries,” the Central Bank of the Republic of Turkey (CBRT) said in a

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