August 20, 2018 / 10:03 AM / a year ago

Turkey says central bank swap deal with Qatar to have $3 billion limit

Turkish lira banknotes are seen in this picture illustration in Istanbul, Turkey August 14, 2018. REUTERS/Murad Sezer/Illustration

ISTANBUL (Reuters) - A currency swap agreement between the Turkish and Qatari central banks will have an overall limit of $3 billion, the Turkish central bank said in a statement on Monday.

The two central banks signed the deal on Friday to provide liquidity and support for financial stability, days after Turkey’s Gulf ally pledged $15 billion in support.

“The swap agreement has been signed over Turkish lira and Qatari riyal and concluded with an overall limit of $3 billion,” the central bank said in a statement on its website. The core objective of the deal was to facilitate bilateral trade in local currencies and support financial stability, it said.

Reporting by David Dolan; Editing by Daren Butler

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