Qatar Promises $15 Bn Investment In Turkey

Markets Insider

Turkey's Foreign Minister Mevlut Cavusoglu on Thursday reiterated his criticism of US's current political stance against Turkey.

"Through this simple campaign, we are showing our solidarity with the Turkish people against these artificial USA sanctions", he said.

"There has been a lot of hot money coming in on the construction sector in Turkey and a building boom", said Harry Broadman, director of the Council on Global Enterprise and Emerging Markets and senior fellow at Johns Hopkins' Foreign Policy Institute.

"We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!"

"We have received no indication from the Turkish authorities that they are contemplating a request for financial assistance", the International Monetary Fund spokesperson added.

Asia share markets skidded and the euro hit one-year lows on Monday as a renewed rout in the Turkish lira infected the rand and drove demand for safe harbours, including the United States dollar, Swiss franc and yen.

Tweeting on Thursday, Trump says: "Turkey has taken advantage of the United States for many years" and is criticizing the country for "holding our wonderful Christian Pastor".

The dollar this week rose to a 13-month high against a basket of currencies, getting an extra boost as emerging markets have sold off on concern about contagion from Turkey and investors sought a safehaven in the US currency.

Trump prefaced Mnuchin's remarks by saying that Turkey had not been a very good friend to America. Few saw a Bank of England interest rate hike earlier this month as a vote of confidence in the economy, since Britain's future, and access to European markets, remains in doubt.

Most recently, President of the United States, Donald Trump demanded the release of imprisoned American Pastor Andrew Brunson.

The tariffs come a day after President Recep Tayyip Erdogan said Turkey would boycott United States electronic goods, singling out iPhones.

Meanwhile, Turkish officials said Qatar had pledged 15 billion (£11.7 billion) of direct investments for Turkey, in a bid to help the economy.

Erdogan has called for a boycott of USA electronic goods and Turkish media have given extensive coverage to anti-US protests, including videos on social media showing Turks apparently burning dollar bills and destroying iPhones.

And the day earlier, two Greek soldiers held by Turkey since March for illegally crossing the border were also freed.

Much of the early action was in currencies with the euro gapping lower as the Turkish lira took another slide to all-time lows around 7.24.

Turkish officials say Brunson's case is a matter for the courts.

Back then the Turkish ambassador to Qatar noted: "Sheikh Tamim bin Hamad al-Thani was the first leader to call President Erdogan and express support to our government and Turkish people".

His telephone call with Macron comes a day after he spoke on the phone with German Chancellor Angela Merkel.

JP Morgan said moves by Turkish authorities showed they were committed to stabilising the currency with technical measures such as restricting foreign exchange swaps and cancelling repo auctions to push up the average cost of bank funding.

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