American pastor is latest flashpoint in US Turkish fight

American pastor is latest flashpoint in US Turkish fight

It has rebounded sharply from a record low of 7.24 this week, benefiting from central bank steps to underpin a currency hit by concerns at President Tayyip Erdogan's influence over monetary policy and a bitter dispute with Washington.

Treasury and Finance Minister Berat Albayrak was quoted by private media NTV as saying the economy would emerge stronger from the turmoil.

However, the currency market's reaction to his conference call - in which he also said Turkey had no plans to seek help from the International Monetary Fund or impose capital controls to stop money flowing overseas - was measured.

"You now have another huge selloff in EM, which has been exacerbated by Trump's willingness to jam on more and more sanctions when countries are having trouble in the market - like adding to the sanctions on Turkey", Haidar said.

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.

"Turkey would do well not to test @POTUS Trump's resolve to see Americans who are wrongfully imprisoned in foreign lands returned home to the United States", Vice President Mike Pence said in a tweet.

The lawyer representing an American pastor held in Turkey has renewed an appeal for his release from house arrest.

"Because of the currency crisis in Turkey, investors are shifting funds from emerging markets to developed markets", said Shuji Shirota, head of macro economic strategy at HSBC Securities in Tokyo.

State-run Anadolu Agency says the lawyer on Tuesday also appealed to a court to lift a travel ban imposed on Pastor Andrew Brunson.

An administration official says President Donald Trump's National Security Adviser John Bolton spoke Monday with the Turkish ambassador to the US and told him to release Brunson.




They are now holding our wonderful Christian Pastor, who I must now ask to represent our Country as a great patriot hostage.

Turkish Foreign Minister Mevlut Cavusoglu told reporters that the top USA diplomat in Turkey would visit Brunson later Tuesday.

Turkey has also in recent days shown an interest in repairing ties with Europe after a crisis sparked by Ankara's crackdown on alleged plotters of the 2016 failed coup.

Explaining the new tariffs, Turkish Vice-President Fuat Oktay said the rises were ordered "within the framework of reciprocity in retaliation for the conscious attacks on our economy by the USA administration".

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

Turkey was one of the first countries to reject this siege and support Qatar by establishing air bridges.

Meanwhile, Turkish courts have moved to defuse other legal cases that have irritated relations with the EU.

The officials said Qatar's Sheikh Tamin bin Hamad Al Thani pledged to "quickly implement" the investment package during a meeting with Mr Erdogan in Ankara.

His telephone call with Macron comes a day after he spoke on the phone with German Chancellor Angela Merkel.

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