Qatar promises $15 billion investment in Turkey

Cryptocurrency Market Loses $43 Billion in Five DaysCryptocurrencyAltcoin News By Osato Avan Nomayo Last updated Aug 13 2018

Cryptocurrency Market Loses $43 Billion in Five DaysCryptocurrencyAltcoin News By Osato Avan Nomayo Last updated Aug 13 2018

Doha has pledged to offer loans worth 15 billion USA dollars to help Ankara ride out its lira crisis.

The massive pledge came during a visit by Qatar's emir Sheikh Tamim bin Hamad Al Thani to Ankara on Wednesday, where he met his Turkish counterpart Recep Tayyip Erdogan.

The move by Turkey's Gulf ally offered further support to a lira rally after the Turkish central bank tightened liquidity and curbed selling of the currency.

Turkey's Finance Minister Berat Albayrak promised on Thursday the country will emerge "stronger" from the currency crisis sparked by a diplomatic spat with the United States, and ruled out an International Monetary Fund bailout.

When asked about the impact of the USA spat with Turkey on the country's currency, the spokeswoman said Washington was "monitoring the situation".

The embattled currency weakened in early London trading, with one dollar buying 5.86 lira, but has just recovered to 5.8, up 0.26%.

"We have more that we are planning to do if they don't release him quickly", Mnuchin said during the meeting.

"Recent developments in the U.S. -Turkey relationship threaten both countries' economic interests and put at risk an alliance that has proven its value over decades", said Myron Brilliant, U.S. Chamber of Commerce executive vice president and head of global affairs, in a message to the U.S. Chamber's U.S. -Turkey Business Council.

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A banking watchdog's step to limit foreign exchange swap transactions also helped the currency.

"Rates have gone up by 10 percent".

He also appeared to acknowledge that he was disappointed that Turkey did not release Brunson after the United States helped negotiate the release of a Turkish national being held in Israel.

The threat of sanctions comes amid Trump's concerns over Brunson, who is accused of being involved with an attempted coup that led to tens of thousands of people being arrested in 2016.

Qatar poured funds into the country the same day Turkey doubled tariffs on some USA imports, such as cars, alcohol and tobacco, one day after President Recep Tayyip Erdogan called for a boycott of iPhones. An upper court had yet to rule on the appeal, his lawyer told Reuters.

Erdogan has said Turkey is the target of an economic war, and he has made repeated calls for Turks to sell their dollars and euros to shore up the currency.

He also declared on Monday that the United States was seeking "stab" Turkey in the back.

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