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Qatar triples swap line with Turkey

Qatar has offered support to Turkey’s central bank, expanding a currency-swap agreement to $15 billion as Ankara seeks to mitigate economic shocks from the coronavirus pandemic.
A merchant counts Turkish lira banknotes at the Grand Bazaar in Istanbul, Turkey, March 29, 2019. REUTERS/Murad Sezer - RC1DD8429180

ISTANBUL — As the coronavirus pandemic continues to rattle global economies, Turkish banking officials have been seeking fiscal support from a number of countries and Qatar was the first to respond.

On Wednesday, Qatar expanded an existing swap deal to $15 billion, raising the prior limit from $5 billion to help bolster depleted Turkish central bank reserves and help steady the lira. The move underlines strong relations between the two nations, which opened swap arrangements during a 2018 currency crisis in Turkey and continue to cooperate amid a Saudi Arabia-United Arab Emirates-led economic blockade on Qatar.

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