Erdogan, Macron vow to boost economic ties - Turkish presidential source

Erdogan, Macron vow to boost economic ties - Turkish presidential source

Erdogan, Macron vow to boost economic ties - Turkish presidential source

While the Brunson dispute appeared far from being resolved, Turkish President Tayyip Erdogan got a shot in the arm from Qatar's Emir, who approved a package of economic projects, investments and deposits after the two met in Ankara.

Although the lira gained some respite on Tuesday, investors say measures taken by the central bank on Monday to ensure liquidity failed to address the root cause of lira weakness.

The punitive steps come after Erdogan called on Turks to boycott American electronics, such as Apple Inc.'s iPhone, which have in any case become more expensive as the lira lost nearly 40 percent of its value this year.

There is no sign of a halt to the deteriorating relationship between the United States and Turkey, a North Atlantic Treaty Organization (NATO) ally, host for the strategically important U.S. Air Force base at Incirlik and gateway to the Black Sea for the U.S. Navy.

The International Currency Exchange (ICE) says it has ran out of Turkish Lira Tuesday as an unprecedented number of Britons travel to Turkey to make the most of the weak Lira.

Less than a week after President Donald Trump announced that he would increase duties on steel and aluminum from Turkey, Turkish officials retaliated with new duties on almost two dozen USA goods.

White House spokesperson Sarah Sanders (Rear) attends a press briefing at the White House in Washington D.C., the United States, on Aug 15, 2018.

The evangelical pastor is accused of terrorism charges and aiding the network of a USA -based Islamic preacher blamed by Ankara for masterminding a coup attempt in July 2016 against Turkish President Tayyip Erdogan.

Turkey's Vice President Fuat Oktay said on Twitter that the tariffs on certain products were increased "within the framework of the principle of reciprocity in retaliation for the conscious economic attacks by the United States". "The sanctions, however, that have been placed on Turkey are specific to pastor Brunson and others that we feel are being held unfairly, and we would consider that at that point".

Pence had warned before the sanctions that the United States would slap significant sanctions on Turkey unless it releases Brunson "immediately".

In London, the FTSE 100 was down 0.4 per cent by Wednesday morning. Cavusoglu said ties with the bloc, which have been strained in recent years, were on a firmer basis and had started normalising.

Image Zoom
Image Zoom

Central bank data showed foreign currency deposits held by local investors rose to $159.9 billion in the week to August 10, from $158.6 billion a week earlier. When U.S. rates are higher, investors feel less need to head to emerging markets in search of higher returns.

"Rates have gone up by 10 per cent". Amid calls to "burn" the dollars, the group headed to a bank branch where they converted the money, it said.

Albayrak, a 40-year-old former company executive with a doctorate in finance, said Turkey would not hesitate to provide support to the banking sector.

In a decision announced in the Official Gazette, Ankara said it will impose extra tariffs on imports of products including rice, vehicles, alcohol, coal and cosmetics.

Although preference for Apple products is strong, their already high prices are curbing demand, Yavuz said adding that the boycott "is expected to reduce Apple's performance in the country in the upcoming quarters".

Last week Trump said he was doubling tariffs on metal imports. Turkey's exports to the United States, its fifth-largest export market, were US$8.7 billion.

The evangelical pastor, who is originally from Black Mountain, North Carolina, has lived in Turkey for 23 years and led the Izmir Resurrection Church.

Mr Trump has repeatedly asked for Brunson's release. A Turkish court transferred Brunson to house arrest in late July.

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

The offer is just one of many by vendors across Turkey who are backing Erdogan's appeal to nationalist sentiment, giving out anything from orchids, petrol or a three-day hotel stay for those who show dollar exchange receipts.

A previous appeal by Halavurt on behalf of Brunson was rejected by the court.

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