Turkish lira volatile as USA warns of further sanctions

Turkish lira volatile as USA warns of further sanctions

The decrease of Turkish lira was amid an unprecedented trade row between the two North Atlantic Treaty Organisation allies over the detention of a US clergyman, Andrew Brunson, who was held on terror-related charges in Turkey.

"We have more that we're planning to do if they don't release him quickly", Mnuchin told a cabinet meeting, without elaborating on what would be involved.

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

Turkey's lira fell once again after the trade minister, Ruhsar Pekcan, said Friday that her government would respond to any new trade duties, which U.S. President Donald Trump threatened in an overnight tweet.

US Vice President Mike Pence also renewed his threats to Turkey on Wednesday, warning that he and Trump would "stand firm" until Brunson is released.

In a conference call with thousands of investors and economists, Mr Albayrak - who is President Tayyip Erdogan's son-in-law - said Turkey fully understood and recognised all its domestic challenges but was dealing with what he described as a market anomaly.

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Despite the political tensions, the lira rebounded 6 percent on Wednesday, strengthening to about 6.0 to the dollar.

He said early on Friday that Turkey had "taken advantage of the United States for many years" and that he was "cutting back on Turkey".

The pastor is now being held under house arrest. "Not fair, not right", he added.

Last Friday, the USA doubled tariffs on Turkish steel and aluminum exports in order to increase pressure on Erdogan.

Turkey slapped another round of steep tariffs on US goods as the two countries escalate their trade battle and push the relationship to a breaking point.

Trump has repeatedly asked for Brunson's release, while Ankara said the decision was up to the court. 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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Turkey's finance chief tried to reassure thousands of worldwide investors on a conference call Thursday, in which he pledged to fix the economic troubles.

An Istanbul court allowed the release of Amnesty International's Turkey chair Taner Kilic Wednesday, who spent more than a year in jail over alleged links to the 2016 coup bid.

The dispute is one of several between the North Atlantic Treaty Organisation allies, including diverging interests in Syria and US objections to Ankara's ambition to buy Russian defense systems, that have contributed to instability in Turkish financial markets. "We will boycott the electronics products of the U.S".

Qatar has pledged to channel $15bn of direct investment into Turkey, a sign of burgeoning ties between the two countries.

Brunson is under house arrest after spending almost two years in a Turkish prison under what the Trump administration has said are bogus allegations of aiding terrorists.

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