Qatar props up Turkish lira pledging $15 billion

Ankara: Qatar came out in support of ailing Turkish economy pledging $15 billion in investments lending a helping hand in the aftermath of US sanctions.

Following Qatar’s munificent gesture, the lira gained two percent against the dollar trading at 5.85 per dollar.

The positive scenario came just hours before Turkey was to update international investors on the economy.

Lira hit a historic low of 7.24 earlier this week, following diplomatic and trade bust-up between Ankara and Washington.

The bleak situation gave rise to concerns about Turkish economy, causing a ripple effect in market.

In line with its continuing sanction-spree, US clamped sanctions on two Turkish ministers, alongside doubling taxes on Turkish steel and aluminum imports.

Turning the tables against US, Turkey slapped some $533 million of tariffs on some U.S. imports like cars, tobacco and alcoholic drinks.

Also it made calls to boycott American products especially iPhones.

Meanwhile, Turkey expressed willingness to streamline talks with US even in the midst of crisis