Turkey lira crisis: Six things you need to know

Turkey lira crisis: Six things you need to know

Turkey lira crisis: Six things you need to know

Turkey's president appeared to escalate a dispute with the United States that has helped foment a Turkish currency crisis, claiming Tuesday that his country will boycott US-made electronic goods.

The dispute between the North Atlantic Treaty Organisation allies - brought to a new intensity by Turkey's holding of an American pastor for two years - has raised questions over the future of their partnership and fanned fears of a looming economic crisis in Turkey.

'We will boycott United States electronic goods, ' Erdogan said in a televised speech, raising the stakes in a spat that has seen the Turkish lira plunge to record lows. "We have Vestel." It was unclear how Erdogan meant to enforce the boycott.

In an interview on Sunday, Aug. 12, Albayrak said, "From Monday morning onwards our institutions will take the necessary steps and will share the announcements with the market", according to Reuters.

During his speech, Erdogan singled out the iPhone as a notable American import.

Some joked bitterly on social media that the plunge of the lira would make Apple products unaffordable for Turks in any case.

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The lira's plunge - which had been ongoing for weeks - was turned into a rout on Friday when US President Donald Trump tweeted that Washington was doubling aluminium and steel tariffs for Turkey.

"We will protect our Turkish Lira", Albayrak said at a symposium in Ankara marking the anniversary of the ruling party's foundation on August 14.

"If they have iPhone, the other side has Samsung". 'What do you want to do?

Separately, Russian Foreign Minister Sergey Lavrov, on an official visit to Ankara, said the increased United States tariffs and sanctions imposed by Washington are "based on the desire to dominate everywhere in everything, to control worldwide affairs and to achieve unilateral advantages on global markets".

Turkey is in the middle of a financial crisis with the collapse of its currency, lira, in recent days amid worsening relations with its North Atlantic Treaty Organisation ally, the United States.

The lira stabilised against the U.S. dollar on Tuesday just above the all-time low posted early Monday, but most analysts believe the crisis is not yet over.

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The lira lost 20% of its value versus the dollar on Friday.

On Monday the lira briefly shot past seven to the dollar in early Asian trading, before recovering after Turkey's central bank announced liquidity support measures.

World stock markets rebounded on Tuesday as Turkey's lira pulled out of a recent nosedive and reassuring data from Germany helped offset the latest wobbles in China's giant economy. This has caused the dollar to increase, the lira to fall, and Turkish bond yields to rise.

"There is a cost we're going to pay for the period we're in", he said.

The U.S. government believes that Brunson - a Turkish-American NASA scientist accused of links to U.S-based Muslim cleric whom Turkey blames for a failed coup in 2016 - and three Turkish employees of U.S. diplomatic missions accused of terror-related charges are being held unjustly.

The visit came hours after Brunson's lawyer appealed to a court for his release and for a travel ban against him to be lifted.

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Relations between the two nations have continued to worsen in recent days, with Trump's top national security advisor John Bolton meeting with Turkish ambassador Serdar Kilic Monday.

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