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Turkiye in talks with Qatar for up to $10bn funding

November 25, 2022 at 5:49 pm

The logo of Central Bank of the Republic of Turkey (CBRT) is seen outside of the headquarters, in Ankara, Turkey on December 20, 2019. [Aytaç Ünal/Anadolu Agency]

Turkiye and Qatar are in the final stages of talks for Doha to provide up to $10 billion in funding for Ankara, Reuters reports.

According to the report, the total funding could take the form of a swap, Eurobond or another method, and that the Turkish and Qatari leaders had discussed the issue.

$3 billion will be delivered by the end of this year, the report says.

The foreign funding could help shore up forex reserves to backstop President Tayyip Erdogan’s unorthodox policy of pursuing interest rate cuts and other stimulus measures, despite soaring inflation and a slumping lira currency, the report added.

Turkiye’s Central Bank already had in place a swap deal with Qatar’s Central Bank that was originally worth $5 billion, but was tripled in 2020 to $15 billion.

READ: Saudi Arabia is close to depositing $5bn in Turkiye Central Bank