Qatar Rescues Turkey With $15 Billion

16 August, 2018, 20:25 | Author: Regina Silva
  • Turkey's situation does not have economic basis banker

"Turkey's currency has bounced back from record lows after a lifeline from Qatar".

Earlier on Wednesday, Qatar pledged $15 billion in investment to Turkey, which will be channeled into banks and financial markets, a Turkish government source told Reuters.

The bail-out followed talks in Ankara between the emir of Qatar, Sheikh Tamim bin Hamad Al-Thani, and Turkey's President Recep Tayyip Erdogan.

In total, companies in Turkey have $217 billion in net foreign-exchange debt, equal to about a quarter of gross domestic product, according to central bank data. Turkey retaliated with some $533 million of tariffs on some USA imports - including cars, tobacco and alcoholic drinks - and said it would boycott us electronic goods, singling out Iphones.

The tit-for-tat tariffs were announced amid Turkey's rejection of a USA demand to release Brunson, the American pastor, who is sentenced to imprisonment in the country on espionage and terrorism-related charges for almost two years. "We will boycott the electronics products of the U.S".

"Qatar has pledged Dollars 15 billion of direct investments in Turkey", presidential spokesman Ibrahim Kalin wrote on Twitter yesterday.

Lira has lost around 40% against the U.S. dollar this year, due to worries over Erdogan's growing control over the economy and his repeated calls for lower interest rates despite high inflation.

The weakness of the Turkish currency has rippled through global markets.

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The lira has lost almost 40 percent of its value against the dollar this year, driven by worries over Erdogan's growing influence on the economy and his refusal to raise interest rates despite high inflation.

His detention has soured relations with Washington, with US President Donald Trump doubling aluminum and steel tariffs for Turkey in punitive actions against Ankara's refusal to release Brunson.

The pastor is now being held under house arrest.

The crisis has sent the Turkish currency into free fall since Friday. Administration officials said the USA does not now have any meetings scheduled with Turkish officials to discuss Brunson's case.

Turkey and Qatar - which is also a very close USA ally - have become close economic and political partners in recent times. "The tariffs are specific to national security".

Tensions between the United States and Turkey have been steadily rising since American pastor Andrew Brunson was detained by Turkish officials on charges of terrorism and espionage.

A spokesman for the Turkish president has said Washington must stop trying to influence Turkey's judiciary.

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