Investors from Qatar pulled their 4.6 billion Lira investment from the Borsa Istanbul in the first five months of this year, Turkish Dunya newspaper reported.
According to Dunya’s Jülide Yiğittürk Gürdamar’s news, the Qatari investors’ 14,745 billion Lira portfolio value decreased by 30.95 percent to 10,181 billion lira in May.
Qatar’s Emir Sheikh Tamim bin Hamad Al Thani visited Turkey and promised a $15-billion investment into the country’s financial markets and banks last August.
This was a time when Ankara had tension with Washington over the Pastor Andrew Brunson crisis and the lira lost a historical 40 percent of its value. Qatar’s Sheikh Tamim was the first foreign head of state to visit Ankara following the US crisis.
The Turkish lira lost almost 50 percent of its value against the US dollar and inflation hit a 15year high above 25% and The Central Bank of the Republic of Turkey, left interest rates unchanged as the Monetary Policy Committee announced that the policy rate had been kept constant at 24 percent.
Turkish Finance Minister Berat Albayrak was highly criticized for his economic turnaround plan and failed to enthuse over 400 hundred investors at a private meeting in Washington in April, CNBC commented.
The lira dropped to as low as 5.85 per dollar in Istanbul and was down 0.2 percent at 5.82 against the US currency at 11:25 am local time after President Recep Tayyip Erdoğan said Turkey will purchase the Russian S-400 missiles system despite Washinton’s objection.