Turkish lira rebounds after Qatar pledges $15 billion

Turkey crisis

"You haven't acted, so we will", is how Brownback described President Donald Trump's "decisive, aggressive action" against Turkey for holding a USA citizen illegally on unproven terrorism charges.

The lira, which has lost some 40 per cent of its value this year, weakened beyond 6.21 against the USA dollar after the news, from 6.04 beforehand.

The row with Washington has helped drive the lira to record lows, with the currency losing more than 40 per cent of its value against the dollar this year, prompting central bank liquidity moves to support it.

Turkey on Friday threatened to respond if the United States levied further sanctions over the detention of an American pastor, which has sparked a diplomatic standoff and battered the Turkish currency.

Mr Trump described him as "our wonderful Christian Pastor, who I must now ask to represent our Country as a great patriot hostage".

"They should have given back a long time ago", Trump said.

Analysts also said the political cost of the investment remained to be seen, given that Qatar is also a United States ally and dependent on Washington for both military and political protection.

Turkey ups tariffs, says it's willing to talk to U.S.
Turkey's exports to the United States previous year amounted to $8.7-billion, making it Turkey's fifth-largest export market. Brunson's release, while Ankara said the decision was up to the court.

Turkey's Trade Minister Ruhsar Pekcan said on Friday that Turkey would respond to any further punitive USA action.

President Donald Trump doubled tariffs on Turkish metals exports to the United States last week prompting Turkey, which says it will not bow to threats, to raise tariffs on USA cars, alcohol and tobacco by the same amount on Wednesday.

He has denied the charges, and his case has been taken up by US President Donald Trump, who counts evangelical Christians among his core supporters. He demanded Brunson's release, saying "they can't take our people". Investors also fret over Erdogan's influence over monetary policy.

Brunson has been held in Turkey since 2016, accused of helping plot a coup attempt against Turkish President Recep Tayyip Erdogan.

Qatar said it would provide "a host of economic projects, investments and deposits" worth $15 billion to support Turkey's economy. "This is very easy to resolve", the administration official said.

The lira has lost nearly 40 per cent of its value against the dollar this year as the feud between Mr Trump and President Erdogan has deepened.

The Turkish lira has become volatile again at the end of a tumultuous week, after the United States warned of more sanctions against Turkey.

Related news:

Hot News

isis-killer-beheading-video-story-top Aaron Rodgers throws TD pass, Packers top Steelers 51-34
Aug 17, 2018 - 21:59
He went 7-for-12 passing for 149 yards and two touchdowns - one to Robert Tonyan and one to Jake Kumerow . Receiver Antonio Brown sat out, while running back Le'Veon Bell still hasn't signed his franchise tender.

isis-killer-beheading-video-story-top 'Monster Hunter' on hold as China hits pause on new video games
Aug 17, 2018 - 21:47
Games approved before the end of March can be released, but not necessarily in all formats or monetizable versions. This news has affected the Chinese based multinational giant Tencent and even the fledgling developers.

isis-killer-beheading-video-story-top Cech or Leno? Emery picks starter against Chelsea
Aug 17, 2018 - 17:43
He explained: "First, we want to build a competitive team". If he starts bad, I believe in him also". I want a consistency in our way.

isis-killer-beheading-video-story-top Two Koreas to hold 3rd summit in September
Aug 16, 2018 - 12:20
High-ranking officials of North and South Korea are meeting to discuss the schedule of the next bilateral summit and other topics. It will be only the third time that a South Korean leader has traveled to the North Korean capital for such a meeting.

isis-killer-beheading-video-story-top US President Donald Trump threatens to strip critics of security clearances
Aug 16, 2018 - 12:01
They include former FBI Director James Comey , whom the president fired. He said taking it away is just a "very, very petty thing to do ".

isis-killer-beheading-video-story-top Police say London attack outside parliament was deliberate
Aug 16, 2018 - 11:12
Forensics officers work on the vehicle that crashed into security barriers outside the Houses of Parliament to the right of a bus. Sky News UK and other media outlets report there is a heavy armed police presence outside the building after the vehicle crash.

isis-killer-beheading-video-story-top Twitter CEO Jack Dorsey explains what got Alex Jones suspended
Aug 16, 2018 - 07:14
Twitter has suspended the U.S. conspiracy theorist Alex Jones for a week for breaking its rules against abusive behaviour. Much like Facebook , Twitter's policy calls for temporary suspension after an account repeatedly violates company rules.

isis-killer-beheading-video-story-top Melania Trump is using fashion to 'punish' Donald Trump, according to Omarosa
Aug 16, 2018 - 04:56
President Donald Trump called Omarosa Manigault Newman a low life and a dog in response to allegations she made against him. Manigault-Newman writes that she convinced Trump not to pursue the idea, and to never mention it to anyone else.

isis-killer-beheading-video-story-top Defiant as Trump rages, Omarosa says she won't be silenced
Aug 15, 2018 - 23:53
Omarosa is on a publicity tour for her new book recounting her time in the Trump administration. Of course, it's still not clear why she would say Trump said the word if it were not real.

isis-killer-beheading-video-story-top Dedryck Boyata must be sold by Celtic, says Andy Walker
Aug 15, 2018 - 23:48
Celtic will now go into the Europa League, where they will face either Lithuania's Suduva or Spartaks Jurmala of Latvia. Elsewhere, two-time European champions Benfica sealed a 2-1 aggregate victory over Fenerbahce .

isis-killer-beheading-video-story-top Movie Director’s Pregnant Daughter Found Dead in NYC
Aug 15, 2018 - 22:38
The NYPD has not released the woman's name pending family notification, but multiple reports have identified her as McHenry . According to The Sun, Lyric had been celebrating her birthday a night before her reported death.

isis-killer-beheading-video-story-top Manafort’s defense rests in financial fraud trial without calling a witness
Aug 15, 2018 - 21:14
Nevertheless, as Brennan testified on Monday, Manafort's loan application was successful "because Mr. The focus in Paul Manafort's fraud trial shifts to the defense after prosecutors rested their case.

isis-killer-beheading-video-story-top Qatar’s emir travels to crisis-hit Turkey in show of support
Aug 15, 2018 - 20:58
He is accused of involvement with an attempted coup that led to tens of thousands of people being arrested. Additional tariffs on US products amounted to $553 million, Trade Minister Ruhsar Pekcan said Wednesday.

isis-killer-beheading-video-story-top North Jersey Catholic Priest Named In Massive Child Sex Abuse Report
Aug 15, 2018 - 20:50
Paone was subsequently relocated to the Los Angeles Archdiocese, where he served at one point in a parish in Diamond Bar. The grand jury's report must spur legislators to change the law, and bishops should back that effort, Rozzi said.

isis-killer-beheading-video-story-top Turkey doubles tariffs on some USA goods amid rising tensions
Aug 15, 2018 - 13:21
Its drop of as much as 18% on Friday hit European and U.S. stocks as investors fretted about banks' exposure to Turkey. Turkey has accused the United States of waging an "economic war" as part of a plot to harm the country.