QATAR PLEDGES 15 BILLION USD FUNDS FOR TURKEY, HIT BY CURRENCY PLUNGE

ANKARA, Turkey, Qatar pledged to inject 15 billion U.S. dollars, into Turkey’s economy, hit by a currency plunge, amid its escalating row with the United States, to show support for a regional ally.

The announcement came, after a Wednesday meeting between Qatar’s Emir, Sheikh Tamim bin Hamad Al-Thani, and Turkish President, Recep Tayyip Erdogan, in the capital, Ankara.

Also on Wednesday, Turkey announced steep tariff hikes on U.S. products, including cars, tobacco and alcohol, in response to U.S. decision, last week, to levy tariffs on Turkish steel and aluminium.

The funding support, promised by Al-Thani, sent the weakening Turkish lira, which has been eroded by the political spat between Washington and Ankara, to rally from its record lows, on Wednesday and Thursday.

After falling by more than 45 percent against the U.S. dollar, since Jan, the lira bounced back to 5.75 on Wednesday, a more than five percent gain, and stood at 5.85 on Thursday afternoon.

Turkey is currently grappling with a currency plunge and heightened tensions with the United States, its NATO ally, over its detention of U.S. pastor, Andrew Brunson, over charges of terrorism and involvement in a Turkish failed coup in 2016.

All the charges, however, are viewed by the United States as baseless.

Source: NAM NEWS NETWORK

QATAR PLEDGES 15 BILLION USD FUNDS FOR TURKEY, HIT BY CURRENCY PLUNGE

ANKARA, Turkey, Qatar pledged to inject 15 billion U.S. dollars, into Turkey’s economy, hit by a currency plunge, amid its escalating row with the United States, to show support for a regional ally.

The announcement came, after a Wednesday meeting between Qatar’s Emir, Sheikh Tamim bin Hamad Al-Thani, and Turkish President, Recep Tayyip Erdogan, in the capital, Ankara.

Also on Wednesday, Turkey announced steep tariff hikes on U.S. products, including cars, tobacco and alcohol, in response to U.S. decision, last week, to levy tariffs on Turkish steel and aluminium.

The funding support, promised by Al-Thani, sent the weakening Turkish lira, which has been eroded by the political spat between Washington and Ankara, to rally from its record lows, on Wednesday and Thursday.

After falling by more than 45 percent against the U.S. dollar, since Jan, the lira bounced back to 5.75 on Wednesday, a more than five percent gain, and stood at 5.85 on Thursday afternoon.

Turkey is currently grappling with a currency plunge and heightened tensions with the United States, its NATO ally, over its detention of U.S. pastor, Andrew Brunson, over charges of terrorism and involvement in a Turkish failed coup in 2016.

All the charges, however, are viewed by the United States as baseless.

Source: NAM NEWS NETWORK