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Qatar announces $15 billion direct investment to support Turkey

Qatar's emir and Turkey's president shaking hands
Turkish President Recep Tayyip Erdogan (R) meets with Qatari Emir Sheikh Tamim bin Hamad al-Thani in Istanbul, Turkey on May 18, 2018. Photo: Cem Oksuz/Anadolu Agency via Getty Images

Qatar will invest $15 billion to help support Turkey's floundering economy, according to Turkey's state-run Anadolu Agency.

Why it matters: The lira shot up 5.5% against the dollar following the announcement, bolstering its gains from this morning, per Bloomberg. Turkey is hoping to escape its current currency crisis without raising interest rates or turning to the International Monetary Fund, though it's unclear whether that will be possible.