Turkish lira volatile as U.S. warns of further sanctions

President Recep Tayyip Erdogan arrives at Saffet Cebi Ortaokulu polling station to cast his vote in the Turkish election

Erdogan doubled the tariffs on passenger cars to 120 per cent, on alcoholic drinks to 140 per cent and on leaf tobacco to 60 per cent. "This is regrettable and a step in the wrong direction".

Brunson, a Christian pastor from North Carolina who has lived in Turkey for more than two decades, was indicted on charges of helping the Gülenist Terror Group (FETÖ), which is responsible for the failed 2016 coup, as well as for supporting the PKK.

The growing tensions between Washington and Ankara have sent the Turkish currency tumbling to historic lows.

Measures taken by Turkey's central bank also helped the lira rebound, such as cracking down on foreigners aiming to short the currency.

The Turkish lira weakened in value from 4.7 on the dollar to 6.4 on the dollar Friday, for the first time in history breaking the 6 mark.

Turkey's Vice President Fuat Oktay commented on the move, stating: "Under the principle of reciprocity, the tax rates for imports of certain products have been increased against the U.S. administration's conscious attacks on our economy".

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Turkey's biggest mobile phone importing companies have cancelled their iPhone orders as Turkish citizens join a move to boycott USA products. Turkey's exports to the United States past year amounted to $8.7 billion, making it Turkey's fifth-largest export market.

Brunson is under house arrest after spending almost two years in a Turkish prison under what the Trump administration has said are bogus allegations of aiding terrorists.

Tensions between Turkey and the U.S. have been on the rise as Trump has pressed for the release of the pastor.

Erdogan has said Turkey is the target of an economic war, and he has made repeated calls for Turks to sell their dollars and euros to shore up the currency.

Albayrak said Turkey's banks are "healthy and strong" and that implementing structural reforms and maintaining a tight monetary policy to fight inflation remain a priority.

Qatar's royal court released a statement saying Al-Thani "issued directives that will see the State of Qatar to provide a host of economic projects, investments, and deposits" worth $15 billion to support the Turkish economy. "The tariffs are specific to national security", she said.

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