Berat Albayrak: Turkey to emerge 'stronger' from currency crisis

Friday, 17 Aug, 2018

As for the Turkish economy and its currency, Sanders said, "We're monitoring the situation with respect to the Turkish economy and the decline of the lira, but Turkey's economic problems, those are part of a long-term trend, something of its own making and not the result of any actions the United States has taken".

White House press secretary Sarah Sanders said the USA had seen "no evidence that Pastor Brunson has done anything wrong".

-Turkish relations were at a "crisis point" over how the nations were dealing with Syria.

On Wednesday Erdogan met for more than three hours with Qatar's Emir, who approved a package of economic projects, investments and deposits worth $15 billion.

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

The currency had rebounded some 6 percent on Wednesday after the central bank squeezed lira liquidity in the market, effectively pushing up rates and supporting the currency.

The Turkish lira has dropped to record lows in recent weeks, having fallen some 42 percent so far this year.

President Erdogan has accused the United States of trying to "bring Turkey to its knees through threats over a pastor".

They said that Turkish Treasury and Finance Minister Berat Albayrak would meet with his German counterpart, but did not provide a date.

Facing Turkey's gravest currency crisis since 2001 in his first month in the job, Albayrak has the daunting task of reassuring the investors that the economy is not hostage to political interference.

Turkey's trade minister says increased tariffs have been imposed on 22 types of produce and goods imported from the United States, amounting to $533 million of extra duties. The situation is not only creating a potential regional crisis, but it's also deepening a rift between Turkey and the U.S. Right now, Turkey's currency is weaker against the dollar than it has ever been.

As the dispute festers, Turkey announced on Wednesday a string of new tariffs ranging from 50 percent to 140 percent on rice, alcohol and cars from the retaliation for President Donald Trump's move to double tariffs on Turkish steel and aluminum imports last week.

Turkey accuses Brunson of espionage and is holding him under house arrest pending his trial.

'Pastor Andrew Brunson is an innocent man held in Turkey & justice demands that he be released.

'The import duties were increased on some products, under the principle of reciprocity, in response to the USA administration's deliberate attacks on our economy, ' Vice President Fuat Oktay wrote on Twitter.

Turkish President Tayyip Erdogan attends a news conference in Ankara, Turkey, August 2018. The United States slapped financial sanctions on two Turkish ministers and doubled steel and aluminum tariffs on Turkey over his continued detention.

The decision to release Taner Kilic on Wednesday came a day after a Turkish court similarly freed two Greek soldiers from their jail in northwest Turkey, raising hopes for improved ties between Turkey and European Union countries.

"We view the policy of sanctions as unlawful and illegitimate, driven mostly by a desire to dominate everywhere and in everything, dictate policies and call shots in worldwide affairs", said Lavrov, predicting "such a policy can't be a basis for normal dialogue and can't last long".