Qatar is saving Turkey’s economy during its currency crisis, after the Turkish lira plunged to record lows on Wednesday amid a diplomatic stand-off with the US.

Emir Sheikh Tamim bin Hamad Al Thani said Qatar was investing $15 billion in Turkey’s banks and financial markets, Anadolu Agency reported.

Sheikh Tamim said in a tweet: "We stand by the brothers in Turkey that have stood with the issues of the Muslim World and with Qatar.

“As part of the important talks that I held in Ankara on Friday with His Excellency President Erdogan, we announced a $15bn deposit package and investment projects in the country, which has a strong and solid productive economy."

The tweet came after a meeting with President Recep Tayyip Erdogan in the Turkish capital, Ankara, on Wednesday.

Following Qatar’s announcement, the Turkish lira “firmed as far as 5.75 against the dollar on Wednesday - a more than 5 percent gain - and stood at 5.90 on Thursday morning,” reported Al Jazeera.