The Turkish lira tumbles to 5.86 over threat of more U.S. sanctions

Turkey's President Recep Tayyip Erdogan gestures as he delivers a speech to Turkish ambassadors at the Presidential Palace in Turkey Monday Aug. 13

US Treasury Secretary Steven Mnuchin told Mr Trump at a cabinet meeting on Thursday that sanctions were ready to be put in place if Mr Brunson were not freed.

"We have more that we're planning to do if they don't release him quickly", Mnuchin said during a White House cabinet meeting on Thursday, according to pool reporters.

Highlighting that Qatar is a friend of Turkey in bad times as well as good times, al-Shafi said that Turkey's economic and political stability means the stability of the whole region.

An Istanbul court on Wednesday allowed the release of Amnesty International's Turkey chair Taner Kilic, who spent more than a year in jail over alleged links to a 2016 coup bid.

"Qatar has pledged Dollars 15 billion of direct investments in Turkey", presidential spokesman Ibrahim Kalin wrote on Twitter yesterday.

Tweeting later on Friday, Le Maire said, "Constructive talks with my Turkish counterpart Berat Albayrak, following talks between Emmanuel Macron and Recep Tayyip Erdogan".

U.S. support for Kurdish rebel groups fighting Islamic State fighters in northern Syria is another major difficulty, given Turkey's battle against a Kurdish insurgency in its own country.

The lira, which earlier this week traded at well over seven to the dollar, held onto its gains during Albayrak's discussion, trading at 5.7 against the greenback.

Turkish officials visited Washington last week with the idea of seeking leniency for a usa investigation into a Turkish bank, which a source told the Eye fell through, but opened a dialogue.

The lira's months-long slide has accelerated as a result of the diplomatic standoff with Washington over Brunson's detention.

Last week, Trump announced on Twitter that he had green-lit a doubling of steel and aluminum tariffs on Turkey, and warned that U.S. relations with Turkey "are not good at this time!"

The lira had already plunged over 20 percent this year before Erdogan was re-elected in June. "Having said that, we fully support the president's approach".

In response, Erdogan launched a boycott of United States electrical products and sharply raised tariffs on other U.S. imports.

He has also warned Ankara could start looking for new allies, as well as new markets.

Although Qatar has now pledged $15 billion it has not actually paid anything, and it may not be enough to solve Turkey's economic problems.

Putting all the mathematics and statistics together, it concludes that there are 8.5 times more iPhone users worldwide than there are people in Turkey.

"I think the United States has a vastly huge interest in the stability and prosperity of Turkey", Bayrasli said.

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