19 August, 2018
Turkey's battered lira weakened more than 6 per cent against the USA dollar yesterday, after a United States warning that Ankara should expect more economic sanctions unless it hands over detained American evangelical pastor Andrew Brunson.
Escalating tensions on trade between the United States and some of its largest trading partners had driven traders to sell emerging market currencies and take to the safety of the US currency.
Erdogan said that Turkey would never bow before those "who set up their own order by exploiting the world".
US Treasury Secretary Steven Mnuchin assured President Donald Trump at a cabinet meeting on Thursday that sanctions were ready to be put in place if Mr Brunson, a pastor on trial in Turkey on terrorism charges, was not freed. Gulen has denied the charges, and the US has rejected every request to force him from his compound in Pennsylvania to stand trial in Turkey.
"Some people threaten us with economy, sanctions, foreign currency exchange rates, interest rates and inflation".
The Turkish lira fell again on Friday, breaking a three-day quiet spell in the country currency crisis, after the U.S. threatened to impose new sanctions on the North Atlantic Treaty Organisation country.
A higher court in Izmir upheld a lower-court decision that rejected the lifting of Brunson's house arrest, according to the state-run Anadolu agency and the newspaper HaberTurk.
The Canadian dollar strengthened against its US counterpart after data showing a surge in domestic inflation triggered increased bets on another Bank of Canada interest rate hike as soon as September. After the US imposed tariffs and sanctions, Turkey fired back with tariffs of its own on a variety of goods, including cars.
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The United States sanctioned Justice Minister Abdulhamit Gul and Interior Minister Suleyman Soylu, blaming both for being involved Brunson's arrest and detention.
Investors are concerned that Turkey's has amassed high levels of foreign debt to fuel growth in recent years, and as the currency drops, that debt becomes more expensive to repay, leading to potential bankruptcies. "Would the amount of Turkey's debts decrease?" At the congress, President Erdogan was re-elected as head of the party.
The rising tensions have caused the value of the lira to plunge by about a third of its value against the dollar since January.
Trump added: "We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!"
According to the Middle East Eye, officials in Ankara are willing to concede to USA demands for the freedom of Andrew Brunson, an evangelical preacher accused of playing a role in the attempted coup there in 2016.
Turkey has repeatedly criticized the USA for not condemning the coup attempt two years ago.
Evangelical pastor Andrew Craig Brunson faces up to 35 years in jail if convicted of espionage and terror-related charges. They are now holding our wonderful Christian Pastor, who I must now ask to represent our Country as a great patriot hostage.