President Erdogan says Turkey to boycott United States electronic goods

President Erdogan says Turkey to boycott United States electronic goods

President Erdogan says Turkey to boycott United States electronic goods

Earlier such things were done in secret, and now they are open to us.

The Turkish central bank has pledged to take "all necessary measures" to stabilize the country's economy to make sure the banks have all the money they need.

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.

While some investors said the recent sell-off in emerging markets offered buying opportunities in the strongest economies, others remained cautious, with little to prevent the lira resuming its declines as the government's standoff with the US showed no sign of ending.

CURRENCIES: Turkey's currency fell another 8 percent on Monday, bringing its losses this year to 46 percent.

Erdogan says Turkey is the target of an economic war, and has made repeated calls for Turks to sell their dollars and euros to shore up the national currency.

The lira has fallen nearly 30 percent this month on concerns about a diplomatic rift with the United States and President Tayyip Erdogan's reluctance to raise interest rates despite rising inflation. 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.

"If we postpone our investments, if we convert our currency to foreign exchange because there's danger, then we will have given into the enemy", he said. Turkey's FX reserves declined at an accelerated rate this year, due in part to the need to pay for imported oil in US Dollars, and are now below the level deemed sufficient by the International Monetary Fund in order to weather a full-blown economic crisis.

Angered by the continued detention of an American pastor, the USA government imposed sanctions on two Cabinet ministers and threatened more. On Tuesday, one dollar was worth 7.2 lira.

The White House on Monday said USA national security adviser John Bolton met Turkey's ambassador to the United States to discuss the detention of Brunson.

In the interview with Hurriyet newspaper, Albayrak described the lira's weakness as "an attack" - echoing Erdogan, who is his father-in-law. "I believe in my nation", Erdogan vowed, the New York Times reported.

An employee at an upscale clothing store who declined to give his name said the amount of shoppers was unusual even in high season, attributing it to the lira's fall.

Why is Erdogan mad at the United States?

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.

The US imposed sanctions against Turkey and President Trump has doubled steel and aluminium tariffs on Turkish imports.

Turkey's foreign minister says the United States won't achieve aims by exerting pressure and imposing sanctions on Turkey.

Related news



[an error occurred while processing the directive]