IMF said there is no indication that Turkey is considering to seek its financial assistance. But it urged in a statement that “in light of recent market volatility, the new administration will need to demonstrate a commitment to sound economic policies to promote macroeconomic stability and reduce imbalances.”
Instead, Qatar has pledged USD 15B of direct investment in Turkey to help strengthen the Lira. President Recep Tayyip Erdogan’s spokesman Ibrahim Kalin tweeted: “Turkish-Qatari relations are based on solid foundations of true friendship and solidarity.”
Turkish Lira’s rebound extended overnight and with USD/TRY hit as low as 5.8578. While downside momentum is diminishing mildly, it seems USD/TRY could now start to stabilize below 6.0 handle.
