The flailing Turkish lira rebounded slightly on Thursday, on the heels of Qatar’s announcement that it would earmark $15 billion for deposits and investment projects to be made in Turkey.
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.
“Qatar & Turkey’s relationship goes beyond strategic partnerships,” Qatar’s interior minister Abdullah bin Nasser bin Khalifa Al Thani tweeted in the wake of the announcement.
“We have stood together and will continue to do so,” he said, making clear the high-level meeting was meant to communicate unequivocal support for Turkey at a critical juncture.
The leaders engaged in three hours of talks on Wednesday, according to Erdogan’s press office, discussing bilateral relations and regional developments.
Turkey has proven a key ally for Qatar over the past year, helping the tiny Gulf nation ride out a more than 14-month blockade by its powerful neighbors, including Saudi Arabia, with which it shares its only land border.
Now, it is Turkey under pressure.
US President Donald Trump last Friday announced he would double tariffs on Turkish steel and aluminum, mocking the slide of the Turkish lira on Twitter.
President Erdogan for his part warned Washington that his nation would seek out other friends and allies if the pressure campaign continued.
“Turkey has alternatives,” he said.