Published: Mon, August 13, 2018
Money | By Ralph Mccoy

Erdogan says US set deadline for pastor's release

Erdogan says US set deadline for pastor's release

Recep Tayyip Erdogan was responding to a drop in the value of the Turkish currency, the lira, against the us dollar following the imposition of sanctions and tariffs by the United States in the past two weeks.

"This is the sign of a clear attack, a challenge", Albayrak said.

His chief advisor and spokesperson Ibrahim Kalin pointed out more blatantly that the USA might lose Turkey for good.

Similar to EUR/USD, global stocks also succumbed to losses as risk sentiment declined.

"It is making an operation against Turkey ..."

"Together with our banks, we prepared our action plan regarding the situation with our real sector companies, including Small and Medium-sized enterprises (SMEs), which is the sector that is affected by the fluctuation the most", the minister said.

Erdogan said high foreign exchange rates were the means used in plots against Turkey. Additionally, on Friday President Donald Trump tweeted that he is increasing tariffs on USA imports of Turkish of steel and aluminum.

Following the announcement, the Turkish lira also hit record lows at 20 percent to the dollar, in the midst of a financial panic about the country's economic health.

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The Turkish currency has been a casualty of a deepening crisis spurred by the administration's growth-at-all-costs agenda and a worsening spat with the United States, which sanctioned Turkey over the detention of an American priest. Trump said on Twitter.

The currency, which traded 4.7 to the dollar a month ago, has now weakened to 6.4 to the dollar, having lost more than 30% of its value this month, 20% of which accrued in the last 24 hours.

"They have been trying to achieve what they failed to do through provocations and a coup attempt with money now", he said. With God's permission we will overcome this'.

The Euro opened this week's trading session gapping lower against its USA counterpart, responding to the Turkish Lira's sharp downturn last week. Gulen denies the allegation.

The two North Atlantic Treaty Organization (NATO) allies have been at odds over a wide range of issues: diverging interests in Syria, Ankara's ambition to buy Russian defence systems and more recently the case of Andrew Brunson, an evangelical pastor on trial in Turkey. "Nobody should try to make us fall into this trap, we won't be fooled by this plot, nobody should get excited".

Last week, the United States imposed sanctions on Turkey's justice minister and interior minister for refusing to release American pastor Andrew Brunson, who had been in custody since 2016 on charges of terrorism and espionage that Washington says are bogus.

U.S. President Donald Trump introduced a round of sanctions on August 1, preventing the Turkish justice an interior ministries from doing business with U.S. businesses.

After Mr. Brunson had been in jail for nearly 20 months, a court in July ordered him to be moved to house arrest.

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