Court rejects appeal for American pastor's release from detention, Turkish media says

Turkey Doubles Tariffs on some US Imports, Turkish Lira Rallies

Turkey Doubles Tariffs on some US Imports, Turkish Lira Rallies

Turkey has suffered the most from the feud, which has helped push its currency, the lira, to record lows against the dollar.

Turkish President Tayyip Erdogan attends a news conference in Ankara, Turkey, August 14, 2018.

His government is grappling with a currency crisis and a damaging dispute with the United States that late on Wednesday appeared further than ever from being resolved.

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

U.S. President Donald Trump authorised the implementation of higher tariffs on aluminium and steel imports from Turkey last Friday.

The White House called the Turkish response a step in the wrong direction and signalled a hard line on Brunson's release.

Hurriyet newspaper said the court in Izmir rejected the appeal, but that a higher court would review the appeal. "In light of recent market volatility, the new administration will need to demonstrate a commitment to sound economic policies to promote macroeconomic stability and reduce imbalances, while ensuring full operational independence to the central bank to pursue its mandate of securing price stability", she said.

It was boosted after the Turkish banking regulator cut the amount of funds banks can use for currency swap trading, limiting the possibilities for speculating against the lira.

The International Currency Exchange (ICE) says it has ran out of Turkish Lira Tuesday as an unprecedented number of Britons travel to Turkey to make the most of the weak Lira.

"Rates have gone up by 10pc".

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After rising as high as 5.9 to the dollar, the lira was up 3.8% to $6.16 shortly after 1pm.

Investors have also shown a preference for the greenback based on the expectation that the it will gain at the expense of emerging market currencies which are dependent on commodity exports. "They are killing offshore lira liquidity to stop foreigners shorting the lira", he said.

The lira rebounded some 8 percent on Tuesday, helped by news of a planned conference call on Thursday in which the finance minister will seek to reassure global investors.

Qatar said it would provide "a host of economic projects, investments and deposits" worth $15 billion to support Turkey's economy.

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. The United States slapped financial sanctions on two Turkish ministers and doubled steel and aluminum tariffs on Turkey over his continued detention.

"The tariffs that the United States placed on Turkey were out of national security interests, theirs are out of retaliation", she noted, refusing to reveal U.S. further actions to respond to Ankara's statement. Brunson is now on trial and held on house arrest, with few indications that Turkish officials intend to comply with the demands - despite US sanctions that were leveled against them two weeks ago.

Trump has repeatedly asked for Brunson's release.

Meanwhile, a local court rejected an appeal by Pastor Andrew Brunson, a USA citizen who has lived and worked in Turkey for almost two decades, to be released from house arrest while he is awaiting a trial for espionage and terrorism-related charges. "These are appeals that require fast decision making because they are related to an individual's freedoms", Brunson's attorney Ismail Cem Halavurt told Reuters.

On Tuesday, Erdogan called for a boycott of US electronics products, and his spokesperson described American policy as goading Turkey into an "economic war". On Tuesday, he said Turkey would boycott U.S. electronic products.

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