Turkish lira rebounds after Qatar pledges $15 billion

Turkish lira rebounds after Qatar pledges $15 billion

Erdogan has said Turkey is the target of an economic war, and has made repeated calls for Turks to sell their dollars and euros to shore up the currency.

The case now lies at the heart of a bitter row between North Atlantic Treaty Organisation allies Turkey and United States, who have been growing apart for years over a series of disagreements on Syria, their perception of security threats and defense deals.

She said: "the United States is an important trading partner, but it is not our only partner". "We have other partnerships and alternative markets".

President Donald Trump had previously announced that the United States was doubling steel and aluminium tariffs on Turkey.

As NPR explained in a primer on the dispute, much of the ill will shared by Turkey and the US stems not only from the back-and-forth on tariffs, but also from a diplomatic dust-up centered on two men of faith.

Turkey imposed retaliatory tariffs of its own on Wednesday against certain United States goods. He suggested Turks would buy local or Korean-made Samsung phones instead, although it was unclear how he meant to enforce the boycott.

It has rebounded sharply from a record low of 7.24 this week, benefiting from central bank steps to underpin a currency hit by concerns at President Tayyip Erdogan's influence over monetary policy and a bitter dispute with Washington.

"The move by Turkey's Gulf ally offered further support to a lira rally after the Turkish central bank tightened liquidity and curbed selling of the currency".

Washington warned more economic pressures may be in store for Turkey if it refuses to release Brunson, a White House official said on August 15.

Erdogan spoke on the phone with German Chancellor Angela Merkel on Wednesday, the Turkish presidency said while he is due to speak with French President Emmanuel Macron on Thursday.

Turkey's president threatens boycott of iPhones, other USA electronics
Erdogan admitted that his country had problems such as a widening current account deficit and inflation of nearly 16 percent. Crude oil prices felt pressure from a stronger dollar, which increases the cost burden on non-U.S. buyers of commodities.

Investors are anxious that about Erdogan's control over the central bank and his pressure to keep it from raising interest rates.

The currency drop is particularly painful for Turkey because it has accumulated a high debt in foreign currencies. He's lived in Turkey for more than 20 years and is accused by the Turkish government of terrorism and spying.

JP Morgan said moves by Turkish authorities showed they were committed to stabilising the currency with technical measures such as restricting forex swaps and cancelling repo auctions to push up the weighted average cost of funding.

Turkey on Wednesday rejected the U.S.' appeal for an American pastor's release from detention, Turkish media reported.

A Turkish court on Wednesday denied an appeal from pastor Andrew Brunson to be released from house arrest.

The local court in Izmir rejected Brunson's appeal to be released while his trial is pending.

Kalin called on the United States to respect legal process in Turkey in reference to the American pastor's continued detention. The two also discussed their planned meeting in Berlin at the end of next month, the officials said. Erdogan's government has blamed followers of the cleric Gulen for an unsuccessful 2016 coup, leading to a purge of thousands of people from Turkey's civil service, police, military and media and educational institutions, with many of them jailed.

The rebound in the Turkish currency to stronger than 6.0 against the US dollar was driven by a banking watchdog's step to limit swap transactions and by hopes of improved relations with the European Union.

Erdoğan has accused the USA of waging economic war against his country and has vowed not to back down. "Our relations with Turkey are not good at this time!"

"But one could hardly say the same about Turkey's announced tariffs on American cars, alcohol, and tobacco". Gulen has denied the charges, and the US has rejected every request to force him from his compound in Pennsylvania to stand trial in Turkey.

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