Qatar to provide aide to Turkey - Reuters

Joshua Gibson FXStreet

As reported by Reuters, Qatar has promised to provide some aide to Turkey as the US announces that their new tariffs on Turkey will not be removed, even if Turkey does what the US asked for, providing Turkey with little reason to play ball.

Key quotes

"The White House stance appeared to give Turkish authorities little incentive to work for the release of Andrew Brunson, a pastor on trial in Turkey on terrorism charges and whose case Turkish officials have said was a matter for the courts.

The dispute is one of several between the NATO allies, including diverging interests in Syria and U.S. objections to Ankara’s ambition to buy Russian defense systems, that have contributed to instability in Turkish financial markets.

While the Brunson matter appeared far from being resolved, Turkish President Tayyip Erdogan got a shot in the arm from Qatar’s Emir, who approved a package of economic projects, investments and deposits after the two met in Ankara.

The Qatari money will be channeled into banks and financial markets, a Turkish government source told Reuters.

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."

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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