Turkish and Qatari central banks agreed to increase the size of the swap deal to $5 billion Monday during President Recep Tayyip Erdoğan's off
Turkish and Qatari central banks agreed to increase the size of the swap deal to $5 billion Monday during President Recep Tayyip Erdoğan’s official visit to the Gulf state.
According to the statement released by the Central Bank of the Republic of Turkey (CBRT), the swap agreement, which was signed with the Qatari Central Bank in August 2018, was amended on Tuesday to increase its size to $5 billion from $3 billion.
“The core objectives of the agreement are to facilitate bilateral trade in respective local currencies and to support the financial stability of the two countries,” read the statement.
The two countries have also signed a series of trade agreements during Erdoğan’s visit as part of efforts to promote the bilateral economic ties.
The expanded swap reaffirmed the two allies’ close economic ties, which strengthened significantly after a Saudi-led embargo on Qatar. Ankara has emerged as one of Qatar’s top partners since a Saudi Arabia-led bloc launched a trade and diplomatic boycott of the Gulf state in 2017, sending additional troops and food to shore up Qatar’s needs just after the embargo began.
The volume of bilateral trade between Turkey and Qatar totaled $1.3 billion last year, according to data from the Turkish Statistical Institute (TurkStat). In the first nine months of this year, Turkish exports were recorded at $838 million, while imports from Qatar came to $205 million.