Issued by CEMO Center - Paris
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Turkey lira crisis: Qatar abandons Turkey in its economic dilemma ... Turkish people and Erdogan are upset with Doha

Monday 20/August/2018 - 03:50 PM
 Erdogan and Turkey
Erdogan and Turkey lira
Omar Raafat

Turkish president Recep Tayyip Erdogan found that Turkey's economy was not as strong as he expected, which prompted him to call for helping from Qatar.

Turkey supported Qatar, when Doha diplomatic crisis begen with several Arab countries, which cut off diplomatic relations with Qatar in June 2017.

 These countries included Saudi Arabia, United Arab Emirates, Bahrain, and Egypt, which imposed a "land, sea, and air blockade" on Qatar, Several other countries withdrew diplomats or downgraded diplomatic relations, but Qatar's fear of the United States made Amir of Qatar, Tamim bin Hamad rejected helping his Turkish counterpart, causing great anger in Turkey.

                               The Turkish currency has lost about 40% of its value since the beginning of the year, which has greatly affected the Turkish economy and led to a reduction in interest rates in the face of rising inflation, as well as the dispute with the United States, which imposed economic sanctions on Turkey because of the detention of " American Andrew Branson on charges of espionage and terrorism.

 Qatar's recent situation on Turkey's economic crisis has angered many of the Turkish people;  because Doha has languished in relief and has slowed down in fear of US anger.

The Turkish newspaper has revealed that there is a state of frustration prevailing in the Turkish society now, because of the silence of the country towards the crisis that hit the Turkish economy as a result of the US sanctions against "Ankara", while the newspaper said that Turkey supported Doha against Arab countries.

Social networking sites in Turkey saw a storm of anger against Qatar, saying Doha betrayed Turkey.

               The newspaper said that the move of the Qatari system came late and had no big effect, after Tamim announced during his meeting with Erdogan that Qatar will provide Turkey direct investments of $ 15 billion.

Turkish activists commented on the Qatari position, saying Tamim feared US President Donald Trump anger, While Turkish political analyst Jawad Jock commented on the lira crisis, saying that the lira appreciated slightly against the dollar yesterday.

He pointed out that the appreciation of the dollar returned quickly, which confirms that the measures taken by the Turkish government are not enough to cope with the economic crisis.

He added that "Qatari Interim measures and country assistance have not benefited much, and the Turkish market remains tense, and the Turkish people are facing a major economic problem.

He also said "I think that the devaluation of the lira to 20 percent of its value in one day is an economic disaster, and he expressed his regret over the continued decline in the value of the Turkish currency, despite expectations of a resurgence, but not quickly or suddenly” .

The Turkish lira is weakening against the dollar, as investors continue to fret over the state of the country's economy.