Turkey to reduce currency risk for companies, Finance Minister Albayrak says

Markets Insider

But Sanders, at a Tuesday press briefing, declined to say how the USA government plans to apply more pressure on Ankara, which repeatedly has ignored calls from Trump and others to free Christian pastor Andrew Brunson. The argument over the pastor, Andrew Brunson, has sparked the worst crisis between the North Atlantic Treaty Organisation allies in decades and led to fears that Turkey's economic problems could cause a new global financial crisis.

Trump and Erdoğan hammered out a deal for the USA to get Israel to release a Turkish woman imprisoned for alleged links to Hamas, and for Turkey to release detained United States pastor Andrew Brunson - or so Trump thought, sources tell The Guardian.

A bigger danger is that Turkey's crisis will spill over into other emerging market economies and there were signs on Monday that other countries seen as vulnerable were coming under speculative attack. Trump's top national security aide warned Turkey's ambassador on Monday that the USA has nothing further to negotiate until Brunson is freed, according to two people familiar with the matter.

Although the case of Andrew Brunson, an Christian Evangelical preacher from North Carolina, has been the focus of the deterioration in US-Turkish relations, Turkey's existing economic woes have merely been exacerbated by the row, according to analysts.

Magdalena Kirchner, a senior analyst and Turkey expert at Conias Risk Intelligence, told Newsweek: "While Russia, just as Iran, is certainly not in the economic position to help Turkey out, political signals of support are important for Erdogan's strategy to demonstrate to the Turkish public that Ankara is not isolated in standing up to Washington".

"If they have the iPhone on the other hand there is Samsung. In our own country we have Vestel", said Erdogan.

Underscoring lingering concerns over the crisis in Turkey, the dollar hovered near a 13-month peak against a basket of currencies, supported by its safe-haven status.

The lira has already lost 40 percent of its value in the past month.

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Erdogan has called on Turks to exchange their dollars for lira in order to shore up the domestic currency.

Erdogan has called this fight an "economic war" and has urged citizens to dig out their dollars, euros and gold to cash them in for Turkish lira.

Policy makers need to adopt a series of measures "so that the situation doesn't make permanent damage to the real economy", the Union of Chambers and Commodities Exchanges of Turkey and the Turkish Industry and Business Association said in a joint statement. But world stock traders were dismayed the bank did not raise interest rates, which is what many economists believe is necessary to ease the crisis.

"President Erdogan keeps referring to an "economic war" with the United States, putting the blame on some type of foreign conspiracy".

The differences are drawing Turkey closer to Russian Federation, they key adversary of North Atlantic Treaty Organisation but a country supplying more than half of Turkey's gas. Charged with espionage and aiding Kurdish militants and a USA -based Turkish cleric accused of fomenting that coup attempt, Brunson was imprisoned for almost two years and moved to house arrest last month.

"What is happening in Turkey goes far beyond the United States and the United States' recent policies and impositions of various policies and mechanisms", Nauert said.

"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 global affairs", said Lavrov, predicting "such a policy can't be a basis for normal dialogue and can't last long".

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