Turkey lira CRISIS: Erdogan government holds MONSTER conference call with 6,000 investors

Turkey lira CRISIS: Erdogan government holds MONSTER conference call with 6,000 investors

Turkey lira CRISIS: Erdogan government holds MONSTER conference call with 6,000 investors

The lira had plunged to record lows on Monday, but has since clawed back some of its losses, not only after the retaliation on tariffs, but also after the Turkish Central Bank announced banks would be given help to keep money moving around the system.

Doha has pledged to offer loans worth 15 billion USA dollars to help Ankara ride out its lira crisis.

The massive pledge came during a visit by Qatar's emir Sheikh Tamim bin Hamad Al Thani to Ankara on Wednesday, where he met his Turkish counterpart Recep Tayyip Erdogan.

The currency had rebounded some 6 percent on Wednesday after the central bank squeezed lira liquidity in the market, effectively pushing up rates and supporting the currency.

American pastor Andrew Brunson has received another setback as he remains detained by the regime in Turkey.

"In response to deliberated and continued trade tensions, Turkey has again raised tariffs on key US imports", Turkish Trade Minister Ruhsar Pekcan said in a statement.

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The announcement follows Turkish President Recep Tayyip Erdoğan's call for a boycott of USA electronics, including Apple's iPhones to counter Trump's actions to ramp up pressure on Turkey to release Brunson.

The lira, which has fallen nearly 40% against the dollar this year, rose 4.5% to 5.7TL on Thursday afternoon.

Albayrak, a 40-year-old former company executive with a doctorate in finance, said Turkey would not hesitate to provide support to the banking sector.

"President Trump's imposition of tariffs on steel and aluminum is about protecting American national security", the spokesperson said.

Turkish Vice President Fuat Oktay said that the tariff hikes were ordered "within the framework of reciprocity in retaliation for the conscious attacks on our economy by the United States administration".

Street vendors have been offering free traditional fish sandwiches to those who can prove they've converted their U.S. dollars to the country's lira currency.

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Gulen has denied the charges, and the USA has rejected every request to force him from his compound in Pennsylvania to stand trial in Turkey.

Administration officials said the USA doesn't now have any meetings scheduled with Turkish officials to discuss Brunson's case.

Erdogan on Tuesday said Turkey would boycott U.S. electronic goods like iPhones, even though he has himself been photographed repeatedly using the product himself.

The currency strengthened some 2 percent against the dollar, trading at around 5.85 per dollar, hours before Treasury and Finance Minister Berat Albayrak was scheduled to update global investors about the economy. However, the currency remains volatile, with no signs of interest rate rises to combat high inflation and an overheating economy.

The local court in Izmir rejected Brunson's appeal to be released while his trial is pending. A lower court earlier on Wednesday turned down his lawyer's request to free him, and the USA - which rejects Turkey's accusations - has said it won't negotiate until he's released. "The fundamentals of the Turkish economy are robust and Turkey will emerge stronger from this process", Ibrahim Kalin wrote.

Analysts say Turkey is also likely to seek a more dynamic economic relationship with China and Russian Federation, with whom ties have warmed considerably in recent years.

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