Turkish lira steady despite new threats from Trump

Turkish lira steady despite new threats from Trump

Mnuchin made the statement Thursday during a Cabinet meeting with the president attended by journalists.

The investment package was announced after Qatar's Emir Tamim bin Hamad Al-Thani met President Tayyip Erdogan in the capital, as Turkey grapples with a collapsing lira and a worsening commercial and political standoff with North Atlantic Treaty Organisation ally the United States.

The announcement follows Turkish President Recep Tayyip Erdoğan's call for a boycott of US electronics, including Apple's iPhones to counter Trump's actions to ramp up pressure on Turkey to release Brunson.

Earlier in the day, US Treasury Secretary Steven Mnuchin said that the United States would slap more sanctions on Turkey if the detained American pastor was not released.

Bilateral ties have spiraled into a full-blown crisis over the trial of Andrew Brunson, a Christian pastor, who is accused of having links with perpetrators of a failed military coup against Erdogan in 2016.

The high-level conversation comes as Turkey shows signs of a rapprochement with European countries amid an on-going trade and diplomatic spat with the United States that triggered a Turkish currency crisis.

The lira lost strength after Mr Mnuchin's remarks.

It said: "Turkey is an important emerging market country, and it remaining stable and developing benefits regional peace and stability".

"Qatar & Turkey's relationship goes beyond strategic partnerships", Qatar's interior minister Abdullah bin Nasser bin Khalifa Al Thani tweeted in the wake of the announcement. Turkey had previously said it would boycott United States electronic products.

Turkey's finance minister sparked a recovery in the lira yesterday after he addressed thousands of worldwide investors on a conference call.

Erdogan says crash of lira 'political plot' against Turkey
ENERGY: Benchmark U.S. crude gained 89 cents to $68.09 per barrel in electronic trading on the New York Mercantile Exchange. All of this has unnerved the worldwide investors who had helped fuel Turkey's economy and are now pulling their money out.

The White House does not appear to be decreasing its pressure on Turkey to release Brunson.

And the day earlier, two Greek soldiers held by Turkey since March for illegally crossing the border were also freed.

Investors said Albayrak's conference call would test whether Turkey can persuade markets that its monetary policy is not hostage to political influence.

Trump has repeatedly asked for Brunson's release, while Ankara said the decision was up to the court.

Vice President Fuat Oktay tweeted that the new tariffs were retaliation for "the deliberate attack of the US administration on our economy", CNN said.

However, it later made marginal gains, taking it back to where it was earlier in the day as the currency shrugged off U.S. comments ruling out the removal of steel tariffs on Turkey, even if it frees an American pastor who lies at the centre of the feud between Washington and Ankara.

A Turkish court on Wednesday denied an appeal from pastor Andrew Brunson to be released from house arrest.

The dispute is one of several between the North Atlantic Treaty Organisation allies, including diverging interests in Syria and US objections to Ankara's ambition to buy Russian defense systems, that have contributed to instability in Turkish financial markets.

Ankara hit back with duties of up to 140% on alcohol, 120% on cars and a boycott of electronic products, including the iPhone.

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