Qatar’s emir travels to crisis-hit Turkey in show of support

Stock market indicators

On Wednesday, Turkish officials said Qatar had pledged $15 billion of direct investments for Turkey, in a bid to help Turkey's economy.

Lavrov held talks in Ankara with Turkish Foreign Minister Mevlut Cavusoglu days after the Turkish lira TRY= plummeted to an all-time low versus the USA dollar, while the Russian rouble RUB= lost almost 10 percent in just several days of August.

Tariffs have been imposed on 22 types of produce and goods imported from the United States, amounting to $533 million U.S. of extra duties, according to a report in the state-run Anadolu Agency, quoting Rushar Pekcan, the country's trade minister.

The lira plunged to record lows on Monday, but has since clawed back some of its losses.

Relations between the two countries reached a low point on Friday, as US President Donald Trump approved the doubling of tariffs on Turkish steel and aluminium in response to Turkey's refusal to release Andrew Brunson - an American pastor who is under house arrest in Turkey and facing terror charges. The move comes amid increasing tariffs and sanctions by the U.S. against Turkey.

Despite the political tensions, the lira rebounded some 6 percent on Wednesday, strengthening to around 6.0 to the dollar.

Turkish media reports say a Turkish court has rejected an appeal for the release of an American pastor from detention.

Turkish Finance Minister Berat Albayrak, who is Erdogan's son-in-law, and his Qatari counterpart Ali Sharif Al-Emadi were present at the talks in the capital Ankara.

Turkey's banking watchdog on Wednesday limited the amount of currency swap transactions that banks can participate in by half.

"If (the United States) have the iPhone, there's Samsung on the other side", he said, referring to U.S. giant Apple's iconic phone and the top South Korean brand.

That fueled a relatively high rate of economic growth-7 percent previous year. "If they have the iPhone, there is Samsung elsewhere".

The lira firmed as far as 5.75 against the dollar on Wednesday and stood at 6.030 at 1758 GMT. Brunson stands accused of supporting both US -based Islamic cleric Fethullah Gülen and the Marxist Kurdistan Workers' Party (PKK) terrorist organization.

The lira rebounded some 8 per cent on Tuesday, helped by news of a planned conference call on Thursday in which the finance minister will seek to reassure global investors.

The chief executive of Turkey's Akbank said the banking sector remained strong and the measures taken to support the market had started to have an impact, adding there was no withdrawal of deposits.

Analysts question the effectiveness of any Turkish boycott of US goods and view Turkey's tit-for-tat taxes - imposed Wednesday on American exports, including cars, tobacco and alcohol - as mostly symbolic because they have relatively little value to a global trade giant engaged in similar disputes with China and other major economies.

Tariffs were also increased on cosmetics, rice and coal.

The U.S. was the fourth largest source of imports to Turkey past year, accounting for $12 billion of imports, according to International Monetary Fund statistics.

"The U.S. administration must respect the judiciary process in Turkey, they need to stop trying to influence Turkish judiciary by making statements and putting pressure", stated Kalin.

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