Published: Fri, August 17, 2018
Money | By Michele Stevens

Turkey's Erdogan hits back with retaliatory Sanctions

Turkey's Erdogan hits back with retaliatory Sanctions

Turkey's central bank meets next on September 13.

The pastor is now being held under house arrest.

The Turkish Finance Ministry said earlier that both ministers discussed USA sanctions imposed on Turkey, which have worsened a row between the North Atlantic Treaty Organisation allies and sent the lira currency to a record low against the dollar.

"With trade, we have to be a little more circumspect because we have the potential for a tit-for-tat race to the bottom that could have significant ramifications for earnings".

U.S. State Department representatives have said the claims against Brunson are not credible.

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According to the Hurriyet Daily, a significant number of importers began to withdraw their short and long-term orders after Turkish President Recep Tayyip Erdogan's appeal to boycott American electronic products on Tuesday. "But hypothetically speaking, ...if one of our public banks need help, the government will stand strong by it for sure".

But then Wednesday came along, and the storm clouds seemed to recede.

The Turkish currency was trading at 5.85 at 1740 GMT, more than 1 percent stronger on the day.

Economists gave Albayrak's presentation a qualified welcome and the lira initially found some support, helped by Qatar's pledge to invest $15 billion (£11.8 billion) in Turkey.

Turkey has sought to persuade the United States to spare Turkey's state-owned Halkbank from a threatened fine for allegedly helping Iran evade US sanctions. More recently, however, he has lightened up on equity exposure.

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Prime Minister Narendra Modi has expressed the hope that Pakistan will work for a South Asia free of terrorism. Earlier, the maiden session started with the National Anthem, followed by recitation from the Holy Quran.

Crisis averted - or has it just been deferred? Turkey's reserves are low, and the lira crisis has only made paying back foreign debt harder.

The Turkish lira has strengthened more than 3% today, ahead of a presentation by Finance Minister Berat Albayrak to investors, shrugging off USA comments ruling out the removal of steel tariffs on Turkey even if it frees a U.S. pastor.

Even before the mid-August meltdown, though, the lira had fallen 22 per cent against the greenback on the year as of late July. -China trade talks. Benchmark 10-year notes US10YT=RR last fell 6/32 in price to yield 2.8732 percent, from 2.851 percent late on Wednesday.

As monetary policy goes, that stance might not make much sense to anybody - except, that is, President Recap Erdogan. But his father-in-law's opposition to higher interest rates may complicate that quest.

German Finance Minister Olaf Scholz told his Turkish counterpart Berat Albayrak in a telephone call on Thursday that Germany has an interest in an economically stable Turkey, a German finance ministry spokesman said.

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