Turkish lira weakens as USA warns of new sanctions over detained pastor
17 August, 2018, 17:56 | Author: Sara Gill
Last Friday, the US doubled tariffs on Turkish steel and aluminum exports in order to increase pressure on Erdogan.
Albayrak saidTurkey's banks are "healthy and strong" and that implementing structural reforms and maintain tight monetary policy to fight inflation remain a priority.
In reality, a number of issues have come between the two North Atlantic Treaty Organisation allies, not least Turkey's plan to purchase the Russian-made S-400 anti-aircraft weapons system.
Turkey's currency, which had recovered from record losses against the dollar earlier in the week, was down about 6 percent against the dollar on Friday, at 6.17.
The lira gained some support from the announcement late on Wednesday of a Qatari pledge to invest US$15 billion in Turkey.
'The fundamentals of the Turkish economy are robust and Turkey will emerge stronger from this process, ' he wrote.
China isn't the only country the USA has a rocky relationship with - Turkey is causing a few headaches for U.S. leaders as well. Turkey's exports to the United States a year ago amounted to $8.7 billion, making it Turkey's fifth-largest export market. "I'm not going to get ahead of anything on what we may or may not do in an effort to respond.".
But the U.S. insists Andrew Brunson, a long-time Turkish resident who ran the tiny Izmir Resurrection Church, is "a victim of unfair and unjust detention". An upper court had yet to rule on the appeal, his lawyer told Reuters.
However, Washington warned that Turkey should expect more economic sanctions unless it hands over detained American pastor Andrew Brunson. White House press secretary Sarah Sanders that Washington will withdraw sanctions on Turkey if Brunson was set free. "The tariffs are specific to national security", she said.
On Tuesday, Erdogan called for a boycott of USA electronics products, and his spokesperson described American policy as goading Turkey into an "economic war".
Mr Erdogan has called for a boycott of USA electronic goods and Turkish media have given extensive coverage to anti-US protests, including videos on social media showing Turks apparently burning U.S. dollar bills and destroying iPhones. His transfer to house arrest came after Trump asked Israeli Prime Minister Benjamin Netanyahu to assist in Brunson's release, Israeli and U.S. officials told CNN at the time.
Optimism about better relations with the European Union after a Turkish court released two Greek soldiers pending trial and a banking watchdog's step to limit foreign exchange swap transactions have also helped the lira.
Copper rose 1.54 percent to $5,890.50 a tonne, after having confirmed a bear market on Wednesday when it closed 20.9 percent below its recent high reached on June 7. -China trade talks. Benchmark 10-year notes US10YT=RR last fell 6/32 in price to yield 2.8732 percent, from 2.851 percent late on Wednesday.
The lira, which earlier this week traded at well over seven to the dollar, had rebounded slightly over the last three days but on Friday it lost almost five percent of its value and was quoted at 6.1 against the dollar.
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But the lira posted gains on forex markets for the first time after days of losses, giving the currency much needed respite. The imprisonment of USA pastor Andrew Brunson has weighed heavily on relations, leading to a series of escalations.
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In addition, Turkish Airlines has announced it will stop advertising American products on its flights, authorities in Ankara said. The U.S. has responded by slapping financial sanctions on two ministers and later doubled steel and aluminum tariffs on Turkey .
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