Economy

Detained US pastor in Turkey appeals for release 46min

Detained US pastor in Turkey appeals for release 46min

The argument over the pastor, Andrew Brunson, has sparked the worst crisis between the North Atlantic Treaty Organisation allies in decades and led to fears that Turkey's economic problems could cause a new global financial crisis.

A weak lira makes life more expensive for people in Turkey by making imports more expensive.

However, severe changes in the value of the currency calmed Tuesday after news that USA national security adviser John Bolton had met with the Turkish ambassador to Washington Monday.

There was a clear, sharp drop in the lira's value on Friday after Trump tweeted he was doubling tariffs on Turkish steel and aluminum, citing a national security threat, and a smaller decline when the US sanctioned Turkey's Interior and Justice Ministers on August 1.

The ruckus between Turkey and the United States has impacted on other countries' currencies, including the Indian rupee, as investors fear the lira's wobbles could spread to developing nations. Turkey's president, Recep Tayyip Erdoğan, is opposed to raising interest rates to cool down the economy and support the currency, and has used his recent election victory to impose his unorthodox views on the country's central bank.

Still, the currency is down almost 40 percent this month, and Turkish President Recep Tayyip Erdoğan, who sees Turkey as under economic attack, has declared that the country will boycott American electronic goods, singling out iPhones as an example.

"If they've got iPhone, there is Samsung on the other side".

"We will implement a boycott against America's electronic goods", he said.

Asked how the Trump administration would react to any such Turkish boycott, Sanders replied during Tuesday afternoon's briefing, "I certainly don't have a policy announcement on that at this point".

The escalating dispute between the two countries has exacerbated Turkey's economic crisis, pushing the lira to record lows.

More news: Caspian Sea nations agree to continue dialog on unresolved issues

The lira held on to its earlier gains while Erdogan spoke and was trading 5.2 percent higher at 6.5457 per dollar at 12:59 p.m.in Istanbul.

Erdogan has called on Turks to exchange their dollars for lira in order to shore up the domestic currency. Doubling down on his standoff with President Donald Trump, Erdogan also called on Turkish companies to produce more of their own goods.

Instead of authorities addressing structural weaknesses, the government insisted on boosting the Turkish economy by a policy of low interest rates.

Turkish business groups have begged Turkish President Recep Tayyip Erdogan to ease up in his feud with the United States as the Turkish currency continues to struggle.

The difference is that unlike Russian Federation, the US and Turkey are North Atlantic Treaty Organisation members.

Meanwhile, one sector has reaped the benefits of the lira's decline as foreign tourists encouraged by the weak currency have flocked once again to Turkish beaches.

Russia's Foreign Minister Sergei Lavrov, who is visiting Ankara, branded the United States sanctions an illegitimate policy at a news conference on Tuesday.

The diplomatic dispute has sent shockwaves through financial markets across the world as the plunging lira causing currencies in other developing countries to nosedive.

"We view the policy of sanctions as unlawful and illegitimate, driven mostly by a desire to dominate everywhere and in everything, dictate policies and call shots in worldwide affairs", said Lavrov, predicting "such a policy can't be a basis for normal dialogue and can't last long".

The Turkish envoy conveyed the message the pressure and threats would only lead to a "chaos" in relations which could only improve after Washington abandons the language of "threats", said Turkey's foreign minister Mevlut Cavusoglu.


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