Qatar to invest $15b in Turkey's financial markets and banks

Qatar to invest $15b in Turkey's financial markets and banks

Qatar to invest $15b in Turkey's financial markets and banks

Although the Turkish lira recovered modestly today, President Recep Tayyip Erdogan announced today a boycott of America's iPhone manufactured by Apple and other unspecified electronic products.

The tensions and the tariff hike by the U.S. have caused the Turkish lira to bleed value, fanning fears the country is on the verge of an economic crisis that could spillover into Europe.

President Erdogan said on Tuesday that Turkey was taking measures to stabilise its economy and should not "give in to the enemy" by investing in foreign currencies.

Salim bin Mubarak Al Shafi, Qatar's ambassador to Turkey, said his country would continue to support Turkey, adding that the emir's visit demonstrated the "depth" of the two countries' relations.

Last month Mr Trump threatened his fellow North Atlantic Treaty Organisation ally with "large sanctions" over his detainment, after Brunson was arrested during the 2016 coup that left 179 civilians dead.

Erdogan and Sheikh Tamim also exchanged views on bilateral relations and regional developments during their three-hour meeting, according to Anadolu Agency.

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White House press secretary Sarah Sanders said the U.S. had seen "no evidence that Pastor Brunson has done anything wrong". He said Russian Federation and Turkey have set a goal to switch from dollars to national currencies in mutual trade.

He has suggested that there is a global plot that aims to destroy Turkey's political and economic achievements.

A number of other Americans and Turkish employees of the U.S. diplomatic mission were also caught up in the post-coup crackdown.

Ken Odeluga, market analyst at City Index, a spread betting firm, blamed worries over the Turkish crisis for the stock market falls.

American Pastor Andrew Craig Brunson, the man detained in Turkey on terror-related charges and espionage, and who is one of the reasons for the economic hostilities against Turkey by the United States, has filed a fresh appeal for freedom.

The duties were raised in response to the U.S. administration's "deliberate attacks on our economy", Vice President Fuat Oktay wrote on Twitter.

Trade Minister Ruhsar Pekcan said the tariffs would amount to $533m.

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That hasn't prevented Turkish officials from continuing to press their perceived leverage in Brunson.

His arrest received relatively little media coverage at the time and efforts by U.S. officials to release him were given initially only a very low profile in public.

Erdogan has warned Turkey could seek alternative partners pointing to Ankara´s strong ties with Russia, Iran and China.

The lira's initial slide came amid rising tensions between the USA and President Recep Tayyip Erdogan over trade. He is due to speak with French President Emmanuel Macron on Thursday.

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

Erdogan again urged Turks to convert their USA dollars into the Turkish currency - the lira - to give it a boost as it continues to drop in value.

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The lira was also helped by a step from the banking watchdog BDDK, cutting the limit for Turkish banks' forex swap, spot and forward transactions with foreign banks to 25 percent of a bank's equity.

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