In a statement, the Turkish Central Bank said the two countries had extended a swap agreement reached for the first time during Turkey`s 2018 currency crisis and reaffirmed the close ties between President Recep Tayyip Erdogan and the wealthy Gulf nation. A relative strengthening of the Turkish lira with swap-news could also create room for such movements, she added. The swap agreement with Qatar will strengthen Turkey`s depleted foreign exchange reserves by up to $10 billion. “Discussions on swaps are continuing and, most importantly, some are in a very positive situation. We also expect positive results from them soon,” the senior Turkish official said before the Central Bank`s announcement. The lira, which started Wednesday between 6.78 and 6.79, rose against the dollar, with news of the new swap deal at its highest since mid-April. With the opening of the markets, the exchange rate rose to 6.79 levels. The official said Treasury and central bank officials have held bilateral talks in recent days with counterparts from Japan and the U.K. on setting up currency swap lines and with Qatar and China on expanding existing facilities. Tatha Ghose, an analyst at Commerzbank, said the lira had focused on speculation about deals with Tokyo and London, but added that the swaps were a “secondary story” for the prospects for a recovery in Turkish exports, as European economies reopened from coronavirus barriers. “The new era will be a process in which we will achieve swap agreements in local currencies much more efficiently,” Albayrak said at the meeting of the Union of Turkish Chambers and Commodity Exchanges (TOBB). ISTANBUL: Turkey has tripled its monetary sweavision agreement with Qatar to $15 billion, as announced by the Central Bank on Wednesday. Ankara had urgently sought access to funds from Doha and other countries to avoid a possible currency spiral, and analysts say tens of billions of dollars may be needed.