Published: Tue, August 14, 2018
Finance | By Jaime Brady

U.S. pastor in Turkey appeals for release, end to travel ban -lawyer

U.S. pastor in Turkey appeals for release, end to travel ban -lawyer

Global markets sustained two days of losses as the Turkish lira plunged and a diplomatic dispute with the USA got worse.

A pledge by Turkey's central bank to stabilise the plummeting lira failed to calm investors' nerves. The central bank has, however, always been at odds with President Erdogan, a self- described "enemy of interest rates", who persistently called for lower rates in Turkey to fuel credit growth and economic expansion.

CURRENCIES: Turkey's currency fell another 8 percent on Monday, bringing its losses this year to 46 percent. Erdogan says his country is under an economic "siege" that has nothing to do with its economic indicators.

Turkey was also suffering from significant economic problems of late.

In an interview with Hurriyet newspaper published online, Albayrak described the lira's weakness as "an attack", echoing President Tayyip Erdogan - who is his father-in-law - but he said Turkey's action plan was ready.

On Tuesday the lira recovered some ground, trading at 6.53 to the dollar at 0918 GMT, up around five percent on the day.

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.

It did not provide information on the accounts but said they aimed to "manipulate the dollar rate and form negative perceptions" concerning the Turkish economy.

Trump doubles steel & aluminum tariffs on Turkey
He added: "If there are dollars under your pillow, take these out". "They say we will not give this or that". It is host to a critical part of the Western alliance's missile defence system against Iran.

Look up for the Perseid meteor shower this weekend
Some meteors could appear streaking across the sky for several seconds, leaving a trail of glowing smoke in their wake. According to NASA , the meteor shower peaks from 4 p.m. (EDT) on the August 12 until 4 a.m. on the August 13.

Yemen war: Children killed in Saudi-led air strike on bus
The Houthis have in recent months ramped up missile attacks against Saudi Arabia , which Riyadh usually says it intercepts . A child lies in hospital after the school bus he was on was allegedly attacked by the Saudi-led coalition.

"What you want to see is tight monetary policy, a tight fiscal policy and a recognition that there might be some short-term economic pain - but without it there's just no credibility of promises to restabilize things", said Craig Botham, Emerging Markets Economist at Schroders. It rebounded on Tuesday as Turks sold dollars.

This is the latest chapter in a growing diplomatic rift between Turkey and the United States.

China's economy is showing further signs of cooling as the US prepares to impose even tougher trade tariffs. 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. "I believe in my nation", Erdogan vowed, the New York Times reported.

In the United States, new record highs for Apple Inc and Amazon.com Inc were not enough to outweigh declines in financial companies that are the most likely to be affected by the steep decline in the lira.

Ankara has repeatedly said the Brunson case was up to the courts and a Turkish judge moved Brunson from jail to house arrest in July.

Turkish Foreign Minister Mevlut Cavusoglu told reporters that the top USA diplomat in Turkey would visit Brunson later Tuesday.

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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