Published: Wed, August 15, 2018
Money | By Arnold Ball

Turkish court rejects U.S. pastor Andrew Brunson's appeal

Turkish court rejects U.S. pastor Andrew Brunson's appeal

"If they have iPhone, there is Samsung on the other side".

Turkish presidential spokesman Ibrahim Kalin referred to the conflict with the United States in stark terms saying, "Turkey does not favor an economic war, but it can not remain unresponsive when it is attacked".

Erdogan said on Tuesday Turkey would boycott USA electronic products as the row escalated.

Last Friday, US President Donald Trump said he had authorised higher tariffs on aluminium and steel imports from Turkey.

The first vulnerability to which the International Monetary Fund draws attention is the large amount of Turkey's debt that is USA dollar-denominated and that is subject to valuation risk.

The move came as part of the US' reaction to Turkey´s two-year-long detention of an American pastor over terrorism charges.

Brunson is at the moment under house arrest.

The country has also called for a ban on USA electronics.

Trump's top national security aide warned Turkey's ambassador on Monday that the US has nothing further to negotiate until Brunson is freed, according to two people familiar with the matter.

"We will boycott electronic goods from the United States", the president said, raising the stakes in a spat with Washington following the detention of USA pastor Andrew Brunson on terror-related charges.

The evangelical pastor, who is originally from Black Mountain, North Carolina, has lived in Turkey for 23 years and led the Izmir Resurrection Church.

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The currency has now stabilized at around 6.50 lira against the dollar.

Erdogan also has called on people to exchange their USA dollars for Turkish lira to help strengthen the exchange value of the country's currency.

While Erdogan didn't address their concerns in his speeches on Tuesday, he suggested Turks have already begun responding to his call to convert foreign exchange into lira because it would be tantamount to "surrendering" if they did otherwise.

In a joint statement issued on Tuesday, the industrialists' group TUSIAD and the Union of Chambers and Commodity Exchanges called on the government to allow the central bank to raise interest rates to help overcome the currency crisis.

The second is that Erdogan would have to bury his hatchet with the United States, which remains the IMF's largest shareholder. "In our country we have Venus and Vestel", he said, referring to a Turkish-made phone made by electronics manufacturer Vestel.

Raising interest rates is needed to calm markets and stem the lira's sell-off.

FILE - Russian S-400 air defense missile systems are on display during a rehearsal for the Victory Day military parade in Red Square in Moscow, Russia, May 7, 2017.

Both Russia and Turkey's currencies have been exposed to the U.S. sanctions pressure.

The lira had already rebounded about 8 percent on Tuesday on news of a planned conference call on Thursday in which the finance minister will seek to reassure global investors.

"It is hard not to see the lira remaining under pressure until we see a material fiscal restraint to cool down the economy, along with a measurable lift in rates by the central bank and a diplomatic resolution to United States tensions", said the analyst.

"We, as the Turkish Airlines, stand by our state and our people".

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