Mnuchin Says Turkey Faces More Sanctions If Pastor Not Released

Turkey denies American pastor’s appeal decides to hit the US with tariffs instead

A Turkish court on Wednesday rejected a new appeal to free USA pastor Andrew Brunson, whose detention has sparked a major row between Turkey and the United States, local media reported.

According to the Hurriyet Daily, a significant number of importers have begun to withdraw their short and long-term orders after Turkish President Recep Tayyip Erdogan's appeal to boycott US electronic products on Tuesday.

The Qatari money will be channelled into banks and financial markets, a Turkish government source told Reuters.

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.

Washington's move came during an ongoing dispute over Turkey's holding of an American pastor for two years.

Qatar has promised to make a Dollars 15 billion direct investment in Turkey, badly hit by a currency crisis amid a widening diplomatic standoff with the United States, officials said.

During the Cabinet meeting on Thursday, US President Donald Trump said that Turkey hasn't turned out to be a great friend to the US.

"We have stood together and will continue to do so", he said, making clear the high-level meeting was meant to communicate unequivocal support for Turkey at a critical juncture.


The United States and Turkey have exchanged tit-for-tat tariffs in an escalating attempt by Trump to induce Turkish President Tayyip Erdogan into giving up Brunson, who denies charges that he was involved in a coup attempt against Erdogan two years ago.

Sanders said Brunson's release would not lead to an easing in the tariffs, but that it could lead to an easing in sanctions.

"The tariffs that the United States placed on Turkey were out of national security interests".

Despite the political tensions, the lira rebounded some 6 per cent on Wednesday, strengthening to around 6.0 to the dollar.

Qatar's royal court released a statement saying Al-Thani "issued directives that will see the State of Qatar to provide a host of economic projects, investments, and deposits" worth $15 billion to support the Turkish economy. Cavusoglu said ties with the bloc, which have been strained in recent years, were on a firmer basis and had started normalising.

Turkish authorities have called on their citizens to sell their foreign currency in order to bolster the lira.

The lira firmed as far as 5.75 against the dollar on August 15 and stood at 6.1320 at 8:43 ET in a move initially triggered by the Turkish court decision on the Greek soldiers who faced espionage charges.

"However, as there is a limit on short positions for offshore investors, the impact on TRY (lira) asset prices and short term swap rates will likely be higher than that on the currency", he said in a note to clients.

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