Economy

Qatar Rescues Turkey With $15 Billion

Qatar Rescues Turkey With $15 Billion

One of Turkey's high criminal courts has rejected U.S. pastor Andrew Brunson's request to be released from house arrest and permitted to travel overseas, according to Turkey's state-run Anadolou news agency.

The 3rd High Criminal Court in Izmir ordered the continuation of Brunson's house arrest and ban on leaving the country.

President Donald Trump's decision to double tariffs on Turkey last Friday was another salvo in the growing dispute between the two North Atlantic Treaty Organisation allies. "He's not a spy".

"We have more that we are planning to do if they don't release him quickly", Mnuchin said. Turkey and Qatar - which is also a very close United States ally - have become close economic and political partners in recent times.

Qatar defied US President Donald Trump on Wednesday and promised to plough $15 billion into Turkish financial markets and banks.

The lira has lost almost 40 percent of its value against the dollar this year as investors fret about President Tayyip Erdogan's influence over monetary policy.

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

Image Zoom
Image Zoom

Turkish President Tayyip Erdogan announced yesterday that the country would boycott all electronics from the USA amid tension and rising conflict between the two countries and its leaders.

The currency has rebounded strongly after hitting a record low of 7.24 at the start of the week, bolstered by central bank measures to support it and Qatar's pledge to invest $15 billion in Turkey. The US government and human rights groups have disputed that claim.

Turkey has taken advantage of the United States for many years.

Putting all the mathematics and statistics together, it concludes that there are 8.5 times more iPhone users worldwide than there are people in Turkey.

The ongoing case has caused a deterioration in U.S.

The unnamed source added that they had agreed that their finance ministers - Berat Albayrak and Bruno Le Maire - would meet "as soon as possible", and that Mr Macron had told Mr Erdogan that Turkey's economic stability was "important" for France. On Friday, a court rejected another appeal to free him. Referring to imprisoned pastor Andrew Brunson, Trump said "they have a great Christian pastor there, he's a very innocent man".

Turkey's currency nosedived last week after Mr Trump doubled tariffs on Turkey's steel and aluminium exports to 50% and 20% respectively.

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