What Happened: Qatar will open a line of currency swap worth up to $3 billion in its first step toward fulfilling a pledge to invest $15 billion in Turkey, Bloomberg reported Aug. 20.
Why It Matters: Qatar has stepped up to aid Ankara as its currency slides due to Turkey's economic policies and punitive action from the United States over the continued detention of pastor Andrew Brunson on terrorism charges. The move further strengthens the ties between Doha and Ankara as both countries become more isolated from their previous alliance structures.
Background: Turkey's currency, the lira, has lost significant value against the U.S. dollar in the last year. To help mitigate Turkey's economic crisis, Qatar has promised to directly invest $15 billion into the country.
- Making Sense of Turkey's Economic Crisis (Aug. 16, 2018)
- Turkey's Economy Takes a Tumble. What's Next? (Aug. 10, 2018)
- Turkey's Detention of Pastor Andrew Brunson Prompts U.S. Sanctions. What's At Stake? (Aug. 2, 2018)