Turkey court rejects new appeal to free detained USA pastor
16 August, 2018, 13:00 | Author: Corey Lynch
A Turkish court on Wednesday rejected US pastor Andrew Brunson's appeal to be released from house arrest and for his travel ban to be lifted, although a ruling from a higher court on the matter is still forthcoming.
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The rebound of around six percent on Wednesday, briefly strengthening to less than 6.0 against the dollar, came after the central bank squeezed lira liquidity in the market, effectively pushing up rates and supporting the currency. The punitive steps come after Erdogan called on Turks to boycott American electronics, like the iPhone, which have in any case become a lot more expensive as the lira lost nearly 40 per cent of its value this year.
It touched a record low of 7.24 to the dollar early on Monday, rattling global stock markets and threatening the stability of Turkey's financial sector.
The White House on Wednesday condemned Turkey's move tariffs, calling the action "a step in the wrong direction". The Trump regime imposed financial sanctions on Friday against two Turkish government officials and doubled steel tariffs to 50 per cent and aluminium tariffs to 20 per cent in retaliation for the pastor's detention.
She added that even if pastor Andrew Brunson was released, tariffs would remain in place on steel.
In another unconventional step, the regulator said that until markets "normalize", it would temporarily stop applying the effect of day-to-day losses on the securities held by banks to their capital adequacy ratios.
Meanwhile Turkish Foreign Minister Mevlut Cavusoglu said on Wednesday that Ankara is ready to discuss its ongoing issues with the United States as long as there are no threats.
India's government urged people not to panic on Tuesday after the rupee slid to an all-time low against the dollar.
According to the Turkish presidential press office, Erdogan and al-Thani also exchanged views on bilateral relations and regional developments during their three-hour meeting. "The central bank has not done this through a change in the benchmark rates, but they are squeezing liquidity, so the result is the same", he said. That fueled a relatively high rate of economic growth-7 percent a year ago.
Turkey's weakened currency, the lira, plunged by more than 20% in response to those USA sanctions.
"That Turkish support for Qatar during the stand-off with Saudi Arabia finally paid off", Tim Ash, a senior emerging-market strategist at BlueBay Asset Management LLC in London, said by email.
Turkey's move to increase tariffs on U.S. imports has helped boost its weakened currency.
The country's finance minister - who is also Mr Erdogan's son-in-law - will seek to reassure around 1000 worldwide investors in a teleconference scheduled for Thursday.
Turkish President Tayyip Erdogan attends a news conference in Ankara, Turkey, August 2018.
Washington imposed sanctions and tariffs over the continued detention of an American pastor, while Turkey retaliated with some $500 million of tariffs on some USA imports and said it would boycott US electronic goods.
The United States was the fourth largest source of imports to Turkey a year ago, accounting for $12 billion of imports, according to International Monetary Fund statistics.
Turkey and Qatar have traditionally maintained good ties and Ankara stood by Doha after Saudi Arabia and other Arab states severed diplomatic, trade and travel ties with Qatar past year, accusing it of financing terrorism - a charge Doha denies.
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The stiff economic sanctions ratchet up pressure on the Islamic Republic despite statements of deep dismay from European allies. President Donald Trump withdrew from a landmark 2015 nuclear deal between Iran and world powers.
Thomas Markle made the case in his first TV interview after Meghan and Harry's wedding as to why he felt the need to speak out. Harry is on a private working visit to Botswana with his charity Rhino Conservation, Kensington Palace confirmed last week.
The company has also announced customer service support to its brand vehicles which were damaged in the inundations in the State. All the rivers in the state have breached their banks, right from Kasaragod to Thiruvananthapuram .
Ellis indicated that prosecutors and Manafort's lawyers would likely make closing arguments to the 12-person jury on Wednesday. Manafort's legal team also lost their attempt to have the charges thrown out without going to a jury.
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State Attorney General Josh Shapiro said at a news conference on Tuesday that his office is working to remove those redactions. Shapiro's most scathing criticisms were aimed at church leadership that fostered what the report calls a "circle of secrecy".
For one more time, Erdogan called on Turks to convert USA dollars into lira in order to "maintain the dignity" of the currency . Neither the White House , Turkey's Ministry of Foreign Affairs nor Apple immediately responded to a request for comment.
Diplomatic relations between the United States and Turkey have declined since the failed 2016 Turkish coup. Brunson, 50, was arrested in 2016 but was recently released from prison and put under house arrest .
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