US Threatens More Sanctions Against Turkey Over Jailed Pastor

17 August, 2018, 15:34 | Author: Salvatore Jensen
  • Tensions Rise Between Turkey And U.S. After Trump Sanctions

During his meeting with the Turkish President Recep Tayyip Erdogan at the Presidential complex in Ankara, the Amir announced an initiative that will see Qatar provide support to the Turkish economy with a host of economic projects, investments, and deposits worth a total of QR55bn ($15bn).

Turkey also maintains a small military base in Qatar.

Private NTV quoted Albayrak as reassuring investors' that Turkey's banks are "healthy and strong" and that fighting inflation, implementing structural reforms and strict monetary policy remained a priority.

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.

"We suspect that there are diminishing marginal returns to additional technical measures so long as they are not accompanied by a fundamentally-oriented policy package".

All the while, the lira has plummeted - even reaching a record low against the USA dollar early Monday before managing modest rallies in the following days.

Brunson is at the center of a diplomatic spat between North Atlantic Treaty Organisation allies Turkey and the United States, which has helped trigger a Turkish currency crisis.

"If the traitor in Pennsylvania is extradited to our country, the handover of the pastor may be in the offing, and both countries will get what they want", Devlet Bahceli, leader of a far-right political party allied with Erdogan, said Wednesday in Ankara, according to the Anadolu news agency.

The dollar this week rose to a 13-month high against a basket of currencies, getting an extra boost as emerging markets have sold off on concern about contagion from Turkey and investors sought a safehaven in the US currency.

The lira has lost almost 40 per cent against the dollar this year, driven by worries over President Tayyip Erdogan's growing control over the economy and his repeated calls for lower interest rates despite high inflation.

Washington imposed sanctions on two Turkish government ministers and doubled tariffs on Turkish steel and aluminum imports over the continued detention of an American pastor on espionage and terror-related charges.

There was no resolution to the Brunson case in sight.

In response, Turkey raised tariffs on several US-made goods, including alcohol and tobacco products and vehicles.

However, analysts are calling for a sharp hike in interest rates - which Erdogan adamantly opposes because it will put a brake on economic growth.

In response, Erdogan has called for a boycott of USA electrical goods.

United Kingdom -based online travel agent Travel Republic says bookings to Turkey increased by 21 percent in the last three days.

Also helping the Turkish currency are moves by Turkey to gain favour with European countries.

In early trading on Monday it recovered slightly to 6.92 to the dollar after continuing to fall from an overnight record low of 7.24.

Erdogan and his French counterpart Emmanuel Macron agreed in a phone call Thursday to foster trade ties, a Turkish presidential source said.


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