Turkish lira rebounds after Qatar pledges $15 billion
Turkish lira rebounds after Qatar pledges $15 billion
Tensions Rise Between Turkey And U.S. After Trump Sanctions
17 August, 2018, 10:13
USA sanctions against Turkey recently sent the country's currency, the lira, into free fall.
Turkey has retaliated by announcing Wednesday that it will increase tariffs on certain US products, including on cars, rice, alcohol, coal and cosmetics.
Turkey's Vice President Fuat Oktay wrote on Twitter that the doubling of tariffs was done "under the principle of reciprocity", in response to America's "conscious attacks on our economy".
The US has imposed sanctions on two Turkish ministers over the trial on terrorism charges of a US evangelical pastor in Turkey, and last week Washington raised tariffs on Turkish metal exports.
American pastor Andrew Brunson, if convicted, faces a jail term of 35 years.
"We have put sanctions on several of their cabinet members", Treasury Secretary Steve Mnuchin told President Donald Trump in a cabinet meeting attended by the press.
The White House says "we won't forget" how Turkey has treated a detained American pastor, after a court rejected his appeal for release.
Turkey refused to release an American pastor who has been in detention in Turkey for almost two years now.
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The lira strengthened some 4 per cent against the dollar, to around 5.75 per dollar.
Speaking of Brunson's case, Sanders said, "We feel that Turkey and specifically President Erdogan have treated Pastor Brunson. very unfairly, very badly".
Turkey's business lobbies have also called for a tighter monetary policy to stabilize the lira, and for a diplomatic solution to the United States-Turkish dispute.
Washington doubled sanctions on Turkish steel and aluminum as officials complained that Turkey's move to shift Brunson from prison to house arrest had failed to meet Washington's demand for his full release and return to the U.S.
According to the Hurriyet Daily, a significant number of importers have begun to withdraw their short and long-term orders after Turkish President Recep Tayyip Erdogan's appeal to boycott US electronic products on Tuesday.
The currency had rebounded some 6 percent on Wednesday after the central bank squeezed lira liquidity in the market, effectively pushing up rates and supporting the currency.
He stressed that using Turkish liras in trade would be provided throughout the country.
Ultra-low interest rates in the USA and Europe have for years encouraged companies in Turkey to borrow in foreign currencies . Erdogan made the comments in retaliation against USA sanctions , which have helped worsen an economic crisis in the country.
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In his speech, Erdogan, referring to industrialists, said, "Do not prefer to rush to banks and buy foreign currency". Turkey's finance minister said they would start implementing an action plan on Monday but gave no further details.
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