Turkish lira rallies as Qatar makes $15 bil. loan pledge
- 6 years ago
Turkey's currency has bounced back from record lows after a lifeline from Qatar.
Doha has pledged to offer loans worth 15 billion U.S. dollars to help Ankara ride out its lira crisis.
The offer came after Turkish president Recep Tayyip Erdogan hosted the emir of the gulf state on Wednesday.
Measures taken by Turkey's central bank also helped the lira rebound, such as cracking down on foreigners aiming to short the currency.
The lira went into a tailspin after a diplomatic spat with the U.S. over a detained pastor in Turkey.
Erdogan has rejected Washington's demands to release him, while announcing new tariffs on U.S. imports.
Doha has pledged to offer loans worth 15 billion U.S. dollars to help Ankara ride out its lira crisis.
The offer came after Turkish president Recep Tayyip Erdogan hosted the emir of the gulf state on Wednesday.
Measures taken by Turkey's central bank also helped the lira rebound, such as cracking down on foreigners aiming to short the currency.
The lira went into a tailspin after a diplomatic spat with the U.S. over a detained pastor in Turkey.
Erdogan has rejected Washington's demands to release him, while announcing new tariffs on U.S. imports.