Qatar promises $15 billion investment in Turkey

Marco Green
August 17, 2018

Secretary of the Treasury Steven Mnuchin said Thursday the United States is prepared to put additional sanctions in place against Turkey if the government of President Recep Tayyip Erdogan does not release American pastor Andrew Brunson, who has been held since 2016.

Speaking at a working dinner on the sidelines of the 10th Ambassadors' Conference in capital Ankara, Pekcan said that Turkey's invitation was at 17.40 the local time in Turkey (1440GMT) and it was received by the U.S.

"Investors also fret over Erdogan's influence over monetary policy".

The chief executive of Turkey's Akbank said the banking sector remained strong and the measures taken to support the market had started to have an impact, adding there was no withdrawal of deposits.

BNP Paribas/TEB strategist Erkin Isik said Trump's comments and worries over further sanctions were likely to keep markets under pressure on Friday.

Turkey has proven a key ally for Qatar over the past year, helping the tiny Gulf nation ride out a more than 14-month blockade by its powerful neighbors, including Saudi Arabia, with which it shares its only land border.

"Turkey's currency has bounced back from record lows after a lifeline from Qatar".

The move came after U.S. President Donald Trump last week ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively.

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 country's currency, the lira, has fallen sharply against the USA dollar in recent weeks but rebounded after the aid announcement.

Putting all the mathematics and statistics together, it concludes that there are 8.5 times more iPhone users worldwide than there are people in Turkey.

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. Two sources with knowledge told CNN that the move stemmed from Trump's frustration over Brunson's detention. On Wednesday, a court in Izmir, where Brunson is on trial, rejected his appeal to be released from house arrest.

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

He also declared on Monday that the United States was seeking "stab" Turkey in the back.

Other reports by Click Lancashire

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