Published: Fri, August 17, 2018
Business | By Tara Barton

Turkish finance minister's conference call attracts 4,000 investors

Turkish finance minister's conference call attracts 4,000 investors

Washington warned more economic pressures may be in store for Turkey if it refuses to release Brunson, a White House official said on August 15.

The announcement on Wednesday came after the emir held talks with Turkish President Recep Tayyip Erdogan in Ankara, Turkey's capital.

Lira's downward spiral has increased the already-high inflation in Turkey, which is nearing 16 percent.

Last week, Washington doubled steel and aluminum tariffs on Turkey over its continued detention of the US pastor Andrew Brunson.

The dispute between Turkey and the USA was sparked by a row over the detention of American pastor Andrew Brunson, who was jailed almost two years ago in the crackdown that followed a failed military coup.

"Escalating the use of Section 232 tariffs on imports from Turkey poses serious risks for the United States", Brilliant said.

Qatar pledged $15 billion of investment in Turkey on Wednesday that a government source in Ankara said would be channeled into its banks and financial markets. White House press secretary Sarah Sanders that Washington will withdraw sanctions on Turkey if Brunson was set free.

In an interview Wednesday with Anadolu Agency, Qatar's Ambassador to Turkey Salem bin Mubarak Al-Shafi said: "The state of Qatar is always proactive in supporting its Turkish brothers".

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The lira firmed as far as 5.75 against the dollar on August 15 and stood at 6.1320 at 8:43 ET in a move initially triggered by the Turkish court decision on the Greek soldiers who faced espionage charges.

Those consequences are USA sanctions and a doubling of tariffs on Turkish steel and aluminum, announced by President Trump on Friday.

The lira had already rebounded about 8 percent on Tuesday on news of a planned conference call on Thursday in which the finance minister will seek to reassure global investors.

Trade Minister Ruhsar Pekcan said Turkey had doubled tariffs on 22 products imported from the United States, saying the tariffs were together worth an additional $533 million.

President Erdogan has accused the USA of trying to "bring Turkey to its knees through threats over a pastor".

He is scheduled to appear before a court in October for his third hearing after the court rejected an appeal for his release in a July 18 hearing.

Earlier on Wednesday, Erdogan spoke on the phone with German Chancellor Angela Merkel, the Turkish presidency.

An Istanbul court also ordered the release of Amnesty International's Turkey chair Taner Kilic who has spent more than a year in jail over alleged links to a failed coup in 2016.

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