Qatar has pledged $15 billion of direct investment in Turkey’s financial markets and banks. The news comes in a statement released on Turkey’s President’s website following his meeting with Qatar's Emir Tamim bin Hamad Al Thani.
"The Turkish President and Emir of Qatar met today [Wednesday[ in the presidential complex in Ankara. They have exchanged views on bilateral relations and regional issues, Al-Thani said that Qatar intends to directly invest $15 billion in Turkey,” said a press release after the meeting.
The Turkish lira firmed to 5.8699, from 6.04 to the US dollar after the news. The record low level of 7.2 against the greenback happened on Monday.
The Turkish officials did not provide any further information on the nature of the investments, according to AP. Erdogan's office said the pledge was made by Qatar's head, Al Thani.
The investment will be channeled into Turkish financial markets and banks, a government source told Reuters.
The Turkish economy has recently been hit by a record depreciation in the national currency lira. On Friday, US President Donald Trump doubled tariffs on aluminium and steel from Turkey in response to the detention of a US citizen. American pastor Andrew Brunson is being held on terrorism charges in Turkey, facing up to 35 years in prison for his alleged role in a failed coup in 2016.
In response, Erdogan announced boycott of US electronic devices, including Apple iPhones. Turkey has also hiked tariffs on US goods such as tobacco, alcohol, cars, cosmetics and others.
For more stories on economy & finance visit RT's business section