Turkish court rejects release appeal of USA pastor at centre of row

15 August, 2018, 19:56 | Author: Billie Castillo
  • Turkey news: Erdogan rages at Trump 'economic warfare' over sanctions | Daily Star

Apple has 22 percent of the smartphone market in Turkey, where 11.4 million units were sold previous year, according to Ramazan Yavuz, research manager at IDC consultancy company.

The dollar climbed to its highest level in over 13 months against a basket of currencies on Wednesday as investors stepped up their safe-haven holdings of the greenback due to worries about slowing Chinese growth and Europe's exposure to Turkey.

Mr Erdogan has presided over soaring inflation and borrowing levels, but insists the lira's plight is the result of a "campaign" led by foreign powers.

On Friday, Turkey's Foreign Ministry (MFA) said Turkey would retaliate against the raising of steel and aluminium tariffs by the U.S. administration. He showed no signs of backing down in the stand-off and suggested that Turkey would stop procuring US-made iPhones and buy Korean Samsung or Turkish-made Vestel instead.

That helped ease the turmoil in financial markets, with the Turkish lira stabilizing near record lows.

Fundamental concerns about the economy persist, however.

How much has Turkey's currency dropped? It was not clear when the court would consider the appeal.

The U.S.is an important trading partner of Turkey but it is not the only one; our country has several partners and alternative markets, Pekcan said.

Investors fear the country's financial crisis could spread, with Mr Erdogan describing the crash as a "political plot" against Turkey.

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Erdogan's call for a boycott of USA products comes after the Trump administration increased metals tariffs on Turkey as part of a campaign to pressure Ankara to release the U.S. citizen, pastor Andrew Brunson, who faces charges of terrorism.

"Something has to be done about interest rates", Ali Fuat Erbil, Turkiye Garanti's chief executive officer, said in an interview aired by NTV. Although he was released to home detention, he faces a prison sentence of up to 35 years if he is convicted at the end of his ongoing trial.

Kalin also called on the United States to respect legal process in Turkey in reference to the American pastor's continued detention.

It was unclear how the Turkish leader planned to implement the boycott.

For its part, Turkey would like to see the extradition of Fethullah Gulen, who now lives in Pennsylvania.

He also made his now famous speech on the night of the July 2016 failed coup calling citizens out into the street through Facetime, an iPhone app.

The greenback was also underpinned by upbeat figures on domestic retail sales, manufacturing output and worker productivity, supporting the view of steady USA economic growth.

India's rupee also plumbed a record low, while Russia's rouble, South Africa's rand and Indonesia's rupiah all traded at their weakest in two or more years.

The difference is that unlike Russian Federation, the US and Turkey are North Atlantic Treaty Organisation members. Turkey regards the Kurdish fighters as terrorists.



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The bank in May helped boost the lira's value with a 300 basis point rate hike that came just before the elections. The Turkish leader expressed that they were going to produce enough for themselves.

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