Investors Flee Emerging Markets Amid Lira Crisis

Turkey has plan to ease market concerns, minister says, as lira plunges again

"If they have iPhones, there is Samsung on the other side, and we have our own Vestel here", he said, referring to the Turkish electronics company, whose shares rose five percent.

The Turkish lira TRYTOM=D3 recovered some ground after plunging to an all-time low on Monday as the country's central bank took steps to ease pressure on the currency.

The dispute between the two North Atlantic Treaty Organisation allies - which reached new intensity over the detention of an American pastor in Turkey - has hammered the lira and also raised questions over the future partnership between Washington and Ankara.

"We are going to apply a boycott on America's electronic products", Erdogan said Tuesday during a televised speech, adding that there were alternatives, produced by South Korean or Turkish companies.

The lira recovered after Turkey's central bank moved to ease pressure on the currency, triggering a surge of as much as 7 percent to 6.4 per US dollar.

Earlier on Monday, Finance Minister Berat Albayrak, who is also Erdogan's son-in-law, said Turkey would start rolling out an economic action plan on Monday.

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"After a large sell-off triggered by the rout in Turkey, some investors may have bought emerging currencies on dips", said Toru Nishihama, Tokyo-based emerging-market economist at Dai-ichi Life Research Institute Inc.

Turkish President Recep Tayyip Erdogan threatened Tuesday to boycott USA electronic goods in response to what he says is a targeted economic war being waged against Turkey by the United States. It was up 5 percent on Tuesday, at 6.55 per dollar, having fallen 42 percent so far this year, with most of those losses coming in recent weeks. "And have no doubt that today, we stand before the dollar, the exchange rate, the inflation and interest rates".

He has threatened to seek new alliances - a veiled hint at closer ties with Russian Federation - and warned of drastic measures if businesses withdraw foreign currency from banks. "What do you want to do?"

U.S. Charge d'affaires in Turkey Jeffrey Hovenier repeated the call for the government to resolve Brunson's case, and those of other detained Americans, swiftly and transparently.

The White House on Monday said US national security adviser John Bolton met Turkey's ambassador to the United States to discuss the detention of Brunson. "I believe in my nation", Erdogan vowed, the New York Times reported. But independent analysts say higher rates are needed urgently to stabilize the currency and Erdogan's hard line is one of the reasons investors are worrying. "This is called carrying out an operation against Turkey". His lawyer Ismail Cem Halavurt, said the court had up to seven days to rule on it. It also doubled tariffs of steel and aluminum imports.

Turkey's ambassador to Washington Serdar Kilic on Monday held talks with US National Security Advisor John Bolton in a meeting what Foreign Minister Mevlut Cavusoglu said was arranged by the White House.

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