Erdogan Says US Set Deadline for American Pastor's Release

The already embattled Turkish lira tumbled some 16 percent to new record lows against the dollar on Friday as US President Donald Trump said he had doubled steel and aluminum tariffs on Turkey.

"The United States should know that the only result such sanctinos and pressure will bring... will be harming our relationship as allies", the Turkish foreign ministry said in a statement.

Turkey's spat with the United States has further weighed on the lira.

Turkey is facing a deepening economic crisis, as the Lira fell sharply by about 22% in Friday's early morning trading and the yields on government debt rose further, said a press statement by the Central Bank of Egypt (CBE) on Friday, adding that doubling the tariffs applied to Turkish aluminium and ssteel coincide with the Turkish delegation's failure to reach a compromise with the U.S. authorities.

Similar to EUR/USD, global stocks also succumbed to losses as risk sentiment declined. "This is called carrying out an operation against Turkey", he said.

"If they have the dollar, we have Allah", he said.

Over the weekend Erdogan said there was a "currency plot" against Turkey and argued the fall in the lira was not connected to economic fundamentals. Since then, U.S. President Donald Trump and Vice-President Mike Pence have called for his release, while Ankara says the decision is up to the courts. Trump also threatened additional "large sanctions" against Turkey, a North Atlantic Treaty Organisation ally, for Brunson's detention.

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Turkish President Recep Tayyip Erdogan on Saturday branded interest rates a "tool of exploitation" which should be kept as low as possible.

"If you have dollars, euros or gold under your pillow, go to banks to exchange them for the Turkish lira".

Last week, the USA imposed sanctions on Turkey's justice minister and interior minister for refusing to release American pastor Andrew Brunson, who had been in custody since 2016 on charges of terrorism and espionage that Washington says are bogus. Trump said in a post on Twitter.

The Turkish president was referring to American pastor Andrew Brunson, who is accused of ties to Erdogan's arch-nemesis, Muslim cleric Fetullah Gulen, who lives in exile in Pennsylvania, and whose extradition the Turks have been demanding on the grounds that he organized the 2016 coup attempt against the Erdogan regime.

"It's still the case that the euro and Australian dollar are most readily in the firing line, given concerns over euro zone exposure to Turkey and the Aussie's status as the market's preferred EM/risk proxy", NAB's Attrill said of the impact of the falling lira on Group-of-10 currencies. Gulen denies the allegation.

After Brunson had been in jail for nearly 20 months, a court in July ordered him to be moved to house arrest.

According to the Wall Street Journal, the fall in the TRY in the face of increased United States tariffs on aluminum and steel raises uncertainty for investors in emerging markets.

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