Turkish lira flirts with record low as Doha eyes trouble

The Turkish lira briefly slid 1 per cent on Monday, again nearing record lows touched last week as concerns persisted over President Tayyip Erdogan’s rate-cutting drive and Qatar said it was keeping an eye on its ally’s economic troubles.

In Doha, Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani said Qatar was looking at any opportunities that arise from Turkey’s economic challenges.

Last year, Qatar’s central bank expanded to $15 billion a foreign-currency swap line it had with its Turkish counterpart.

Turkey’s real rates are deeply negative, a red flag for fleeing investors and for Turkish savers who have flocked to hard currencies to protect their wealth.