Turkish Lira Rebounds After Qatar Pledges $15 Billion

Screen Shot 2018 08 17

The 3rd Penal Court in the western province of İzmir rejected the appeal on August 17, ruling for the continuation of Brunson's house arrest, as well as a travel ban imposed on him.

"We have more that we are planning to do if they don't release him quickly", Mnuchin said during the meeting. "He's not a spy". "So, we haven't seen the last of that".

The currency has lost almost 40 percent against the dollar this year, driven by worries over Erdogan's growing influence on the economy and his repeated calls for lower interest rates despite high inflation.

On Friday, the Turkish lira, which suffered record losses against the dollar earlier this week before recovering, fell about 5 percent, to about 6.11 to the dollar, after President Trump warned via Twitter that the country faces more punitive measures.

The Trump administration has already sanctioned two Turkish leaders over the pastor's imprisonment.

"They have a great Christian pastor there".

In recent days, Qatari supporters of Turkey have begun a public campaign in Doha to change their riyals into lira in an attempt to shore up the plunging Turkish currency. Turkey's lira fell once again after the trade minister, Ruhsar Pekcan, said Friday that her government would respond to any new trade duties, which U.S. President Donald Trump threatened in an overnight tweet.


Whatever action the United States takes looks likely to cause more pain for Turkish assets.

The ongoing case has caused a deterioration in U.S.

"There has been no improvement in relations with the US and additional sanctions may be on the horizon", said William Jackson of Capital Economics in a note to clients, adding that the lira could see a downward trend in 2019 and beyond. Turkey also maintains a small military base in Qatar.

He said: "I have just authorised a doubling of Tariffs on Steel and Aluminium with respect to Turkey as their currency, the Turkish Lira, slides rapidly downwards against our very strong Dollar!"

Turkey, he said, has no plans to seek help from the International Monetary Fund or impose capital controls to stop money flowing overseas in response to the recent collapse of its lira currency.

Trump said the United States had helped Turkey in a related incident, but that the North Atlantic Treaty Organisation ally had not repaid the favor.

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