According to sources cited by Reuters, Qatar will fulfill its past commitment to assist Ankara's foreign exchange reserves in January by purchasing $2 billion worth of Turkish eurobonds.
According to Turkish economic officials who spoke to Reuters under the condition of anonymity and as part of that bigger arrangement, Doha has already made a contribution of close to $1 billion.
According to Reuters, Turkey and Qatar were negotiating in November to have Doha provide financing of up to $10 billion, including up to $3 billion by the end of this year.
We will reach the initial $2-3 billion goal, from the entire $10 billion investment, with the anticipated $2 billion in the first weeks of January, one of the executives told Reuters.
Neither the Qatari government nor the Turkish Treasury have made any public remarks about the situation to date.
However, the Turkish Treasury revealed this month that it has issued $2 billion worth of eurobonds with a dollar par value, with 55% of the notes being bought by Middle Eastern buyers.
The second person claimed that Qatar did not contribute as much as it had hoped to this December's eurobond issue because of the significant demand from other nations.
"For the first week of the year, a new issue is scheduled, and Qatar is expected to purchase $2 billion worth of it. The remaining sum is anticipated to arrive throughout the course of 2023," the source stated.
In order to support its plan to strengthen the lira, Ankara has been increasing its alternatives for foreign resources by balancing the supply and demand for foreign currency in the economy.
Due to a boost in foreign investment, the government has been able to stabilize the value of the lira in recent months, and annual inflation is steadily dropping from above 85%.
There was already a swap agreement between the central banks of the two nations; it had a $5 billion initial value but would triple to $15 billion in 2020.