Qatar And Turkey Central Banks Sign Swap Agreement

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DOHA  — Qatar and Turkey’s central banks have signed a currency swap agreement to provide liquidity and support for financial stability, Qatar’s central bank said on Sunday, days after Turkey’s Gulf ally pledged $15 billion in support.

The agreement, which was signed by the heads of the two cen­tral banks on Friday, will establish a two-way currency exchange line, the Qatar Central Bank said in a statement posted on its website.

Qatar’s Emir this month ap­proved a package of economic projects, investments and deposits for Turkey, giving a boost to

the battered lira currency, which has been hit by a widening currency crisis.

In a fiery speech made on Monday, the Turkish president said that an attack on the econ­omy was no different from an at­tack on the flag or an attach on the call to prayer.

He said that the aim is to bring Turkey and its people to their knees and warned that those who think they can make Turkey give up through exchange rate will soon see they are mistaken. He reassured the peers saying that Turkey has the power and ability to overcome all this.

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