Published: Sat, August 18, 2018
Markets | By Josh Butler

Turkish court rejects U.S. pastor's appeal for release: Haberturk

Turkish court rejects U.S. pastor's appeal for release: Haberturk

Turkey's currency remains steady against the dollar despite an apparent threat of possible new sanctions by U.S. President Donald Trump.

The lira, which earlier this week traded at well over seven to the dollar, was at 5.8 against the dollar and 6.7 against euro on Friday.

Turkey's banking watchdog has taken steps to stabilise the currency, limiting futures transactions for offshore investors and lowering limits on swap transactions.

In a tweet on Thursday, Trump urged Brunson to serve as a "great patriot hostage" while he is jailed and criticized Turkey for "holding our wonderful Christian Pastor".

While I remain hopeful for the expeditious release of Pastor Andrew, let me be clear that we fully support the President's action in refusing to pay a ransom to Turkey - a North Atlantic Treaty Organisation ally - for the release of an innocent man.

Further sanctions or tariffs could exacerbate the already fragile economic situation in Turkey, and broader emerging markets.

In recent weeks, the USA has sanctioned a pair of Turkish cabinet members, and dramatically increased tariffs against the nation, fueling anger among Turkish leaders and creating economic uncertainty across the region.

He was indicted on charges of having links with the outlawed Kurdistan Workers' Party and the Fethullahist Terrorist Organization, which Turkey accuses of being behind a coup attempt in 2016 to topple Turkish President Recep Tayyip Erdogan.

He said: "We tell them that we see their game and we challenge them".

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Turkey retaliated with some $533 million of tariffs on some USA imports - including cars, tobacco and alcoholic drinks - and said it would boycott United States electronic goods.

A court in Turkey has rejected an appeal to release American pastor Andrew Brunson from house arrest, saying evidence was still being collected and he posed a potential flight risk.

President Donald Trump speaks during a signing ceremony for the "Strengthening Career and Technical Education for the 21st Century Act", at Tampa Bay Technical High School, Tuesday, July 31, 2018, in Tampa, Fla.

The United States imposed sanctions on two Turkish government ministers, and last week Washington raised tariffs on Turkish metal exports causing the lira currency to drop.

Erdogan told thousands of supporters in Ankara that Turkey is "threatened by the economy, sanctions, foreign currency, interest rates and inflation", The Associated Press reported. "The Europeans will maintain the existing objections to certain Erdogan policies and continue to voice their concerns, but that won't stop them from developing pragmatic cooperation with Turkey", he said.

Ankara, which in 2015 set up a military base in Qatar, sent in troops amid the "Gulf Crisis" in June 2017.

"Many key figures, like Vice President Mike Pence and Secretary of State Mike Pompeo, are evangelical Christians".

Elmira Bayrasli, who teaches worldwide affairs with a focus on Turkey at Bard College, said that Erdogan is improving relations with Europe to increase confidence in the Turkish market.

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