Turkish lira falls amid sanctions threat

Turkish lira falls amid sanctions threat

Turkish lira falls amid sanctions threat

Tensions between the two countries have also risen due to an Izmir court's refusal to release the United States missionary Andrew Brunson, who was arrested in October of 2016 for reportedly playing a role in that year's failed coup attempt.

Since then the South African rand has fallen by the most in a decade, the Mexican peso has slumped and the Turkish lira has lost more than 40 per cent of its value since the start of the year.

Investors have been pulling out of Turkey's markets, sending its stock market and currency plunging.

U.S. President Donald Trump has been using the dispute with Turkey about a detained pastor to garner votes ahead of congressional elections in November.

"Any conversations we have with China to come up with a deal and any conversations we have with Mexico would be seen as a win for the U.S." said Jeffrey Frankel, president at Stuart Frankel & Co in NY. Believe that Turkey is behaving very bad", he said, adding: "We are not going to sit and take it...

Turkey's battered lira weakened 5 percent after a court rejected Andrew Brunson's appeal for release. Brunson has denied those charges. They want to hold our wonderful pastor.

It was not immediately clear what additional measures, if any, Trump could be considering.

That much information was revealed by US Treasury Secretary Steven Mnuchin while addressing a cabinet meeting on Thursday when he said that the next spiral of tit-for-tat sanctions was coming soon, deepening a spat that has rattled financial markets, if Brunson is not released by Turkey.

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Turkey and the USA are now experiencing rocky relations after Washington imposed sanctions on two Turkish Cabinet ministers for not releasing Brunson. Erdogan has cast the tariffs, and the lira's sell-off, as an "economic war" against Turkey.

In currency markets, the dollar index .DXY fell 0.1 percent, while the euro EUR= was up 0.27 percent to $1.1374 after closing Wednesday at its lowest point since July 2017.

Turkish Foreign Minister Mevlut Cavusoglu on Thursday reiterated his criticism of U.S.'s current political stance against Turkey, Turkish media reported.

Albayrak's ministry said they had discussed US sanctions against Turkey and agreed to act together in responding to such moves and to boost cooperation between their countries.

When Mr Kilic sought to tie conditions to Mr Brunson's release, Mr Bolton waved them aside and said there would be no negotiations.

The lira has clawed back some ground over the last two days - after losing nearly a quarter of its value on Friday and Monday - but economists are warning that Turkey must urgently address its economic imbalances to avoid more troubles ahead.

Others agreed. "American sanctions will have no effect on us as long as we remain united", said another man, Ibrahim Aktar.

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