Erdogan says Turkey to 'boycott' USA electronic goods

Traders work on the floor of the NYSE in New York

Traders work on the floor of the New York Stock Exchange in New York U.S

Traders said news that Finance Minister Berat Albayrak will hold a conference call with up to 1,000 investors to discuss the economy might also have helped support the currency.

Mr Brunson has been detained for almost two years, accused of links to the outlawed Kurdistan Workers' Party and the Gulenist movement, which Turkey blames for a failed coup in 2016.

Russia's Foreign Minister Sergei Lavrov, who is visiting Ankara, branded the USA sanctions an illegitimate policy at a news conference on Tuesday.

"There are economic terrorists on social media", Erdogan told a gathering of Turkish ambassadors at the presidential palace in Ankara, adding that the judiciary and financial authorities were taking action in response.

The dispute between the two North Atlantic Treaty Organisation allies - which reached new intensity over the detention of an American pastor in Turkey - has hammered the lira and also raised questions over the future partnership between Washington and Ankara.

He says it would "facilitate solving the economic problems" so "at the end of the day it's also in the interests of Turkey".

"It's another Manic Monday", said Jordan Rochester, a currency strategist at Nomura International in London.

Investors are anxious about a confluence of factors including Turkey's reliance on foreign loans, which become more hard to repay when the country's currency is plunging.

Independent economists say it would be hard to unseat the dollar as the top reserve currency as it is used widely in the global economy, for example to trade in oil and for commercial deals.

The dispute centres on Turkey's refusal to release United States pastor Andrew Brunson.

President Trump announced Friday that he would double tariffs on steel and aluminum imports from Turkey and impose sanctions against two Turkish ministers over the detention of Andrew Bunson, an American pastor who is being tried on espionage and terror-related charges.

Ankara has repeatedly said the Brunson case was up to the courts and a Turkish judge moved Brunson from jail to house arrest in July.

Rupee Reverses Day's Losses To Close Above 70 Per Dollar: 10 Points
A selloff in Turkey's lira spread to other emerging market currencies, with the rupee losing the most since September 2013. Analysts said the falling rupee could lead to higher inflation as Indians pay more for imported goods and services.

Turkish Foreign Minister Mevlut Cavusoglu told reporters that the top USA diplomat in Turkey would visit Brunson later Tuesday.

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 USA -made electronic goods. "We have Vestel." It was unclear how Erdogan meant to enforce the boycott.

"If [people currently] have iPhone, there is Samsung on the other side", President Recep Erdogan said in a speech at a Symposium in Ankara, the country's capital city.

It's not clear how Erdogan would enforce the boycott, the AP noted.

Because of the currency storm and the possibility that access to materials, and to export markets will be disrupted at the Turkish plants, financial data for the performance of the companies in Turkey is now unbalanced and for the time being unreliable, reports LTN.

Erdogan said Turkey would boycott USA electronic products.

Turkish businesses have called for tighter economic policy to ensure the country minimises the potential fallout from the currency collapse.

They also said Turkey should work to resolve the situation with the United States diplomatically while also improving relations with another major trading partner, the European Union. Also supporting the Dollar was recently released economic data which showed core CPI making its biggest advance in a decade, rising 2.4% from a year ago.

Businessmen holding USA dollars stand in front of a currency exchange office in response to the call of Turkish President Tayyip Erdogan on Turks to sell their dollar and euro savings to support the lira, in Ankara, Aug. 14, 2018.

The currency has lost more than 45 percent of its value this year over worries about Erdogan's influence over the economy, his repeated calls for lower interest rates in the face of high inflation and worsening ties with the United States.

After free-falling on Monday, Turkey's already troubled lira began showing signs of stabilizing on Tuesday, climbing 5 percent.

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