Turkish lira rebounds after Qatar pledges $15 billion

Gladys Abbott
August 16, 2018

President Erdogan has accused the USA of trying to "bring Turkey to its knees through threats over a pastor".

Switching to foreign currency would mean giving in to the enemy, he added.

The weakness of the Turkish currency has rippled through global markets.

The US government is demanding that Turkey release Brunson, saying he's being held captive based on false accusations of spying.

A reporter asked Sanders about the Turkish court's decision to deny Pastor Brunson's appeal for release. An upper court had yet to rule on the appeal, his lawyer told Reuters.

The lira had nosedived in recent weeks, hitting a record low of 7.24 last week, amid a diplomatic and trade dispute with the United States.

The U.S. has already doubled steel and aluminum tariffs on Turkey and slapped sanctions on two Cabinet ministers.

He had already spent almost two years in jail on charges of espionage and supporting terror groups when he was arrested following an attempted military coup in Turkey. Although he was released to home detention, he faces a prison sentence of up to 35 years if he is convicted at the end of his ongoing trial.

On Wednesday, Turkey rejected pastor Andrew Craig Brunson's appeal to be released from custody, and slapped additional tariffs on USA imports.

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"If they have the iPhone, there is Samsung elsewhere".

It's not clear how Erdogan would enforce the boycott, the AP noted.

Yesterday, Erdogan described the Turkish economy as "under attack", and urged Turks to buy the lira.

Turkey should commit to sound economic policies to promote stability and reduce imbalances at a time of market volatility, an International Monetary Fund spokesperson said on Wednesday as a row between Washington and Ankara over the jailing of an American pastor dragged on.

Although they share a last name, Gazi is not related to Berat Albayrak, Ankara's current Finance Minister and the Turkish President's son-in-law who has been facing mounting criticism online over the unfolding financial crisis.

Doubts about Turkey's future intensified as relations with the United States, a longtime North Atlantic Treaty Organisation ally, soured.

Turkish President Recep Erdogan has confirmed that his country will boycott USA electronic goods, including Apple's flagship iPhone device - which was helpful in saving his regime in 2016.

Recep Tayyip Erdogan said his country would instead seek "new markets, new partnerships and new allies" after Trump announced higher tariffs on imports from Turkey.

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