Turkey's lira is rallying after a $15 billion loan from Qatar

Posted In: News Date:Aug 16th, 2018

The Turkish lira continued to retreat from its historic low against the dollar on Thursday after Qatar announced a $15 billion funding package for Turkey's wobbling economy.

The dollar is down 2.5% against the lira to 5.8052 at 8.12 a.m. BST (3.12 a.m. ET) on Thursday morning. It follows a surge over the last week and a half that saw the dollar climb to over 7 lira at its worst.

The latest strengthening of Turkey's currency comes after Qatar announced a $15 billion funding package for Turkey late on Wednesday evening.

Tamim bin Hamad Al Thani, the Amir of Qatar, tweeted: "Today, in the framework of important negotiations with His Excellency President Erdogan in Ankara, we announced a package of deposits and investment projects worth $15 billion in this country, which has a productive, strong and robust economy."