Turkey's lira is rallying after a $15 billion loan from Qatar

Markets Insider

Markets Insider

Last week, Washington imposed sanctions and raised tariffs against Ankara over the continued detention of American pastor Andrew Brunson.

The decree said the move brought tariffs to 50 percent on imports of United States rice, 140 percent on hard alcoholic drinks like spirits, 60 percent in leaf tobacco and 60 percent on cosmetics.

Turkey said Wednesday it is increasing tariffs on imports of certain USA products, including rice, cars, alcohol and coal - escalating a feud with the United States that has helped trigger a currency crisis.

Turkish President Recep Erdogan has confirmed that his country will boycott USA electronic goods, including Apple's flagship iPhone device - which was helpful in saving his regime in 2016. "We must have the ability to reach certain levels of manufacturing those products here in the United States for the purposes of national security", she explained.

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Turkish President Recep Tayyip Erdogan says his country will boycott USA -made electronic goods amid a diplomatic spat that has helped trigger a Turkish currency crisis.

Efforts to rally support and bolster domestic markets included a call Thursday between Turkish Finance Minister Berat Albayrak and global investors.

Turkish currency tumbled low over deteriorating relations with the United States as President Donald Trump unexpectedly doubled metal tariffs against the Muslim state on Friday.

Turkish officials have also been keen to emphasise that Ankara wants to retain strong ties with Europe, which has also expressed deep unease with Trump´s trade policies.

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The lira, which has fallen nearly 40% against the dollar this year, rose 4.5% to 5.7TL on Thursday afternoon.

The Turkish president said: "If they have the iPhone, there is Samsung elsewhere".

Turkey's central bank has promised to provide banks with liquidity.

But neither President Trump, nor Turkish leader Recep Tayyip Erdogan appears ready to give ground. One video made local headlines in southeastern Turkey as a businessman in Gaziantep smashed his and four of his friend's iPhones while calling out Trump. Brunson, who faces up to 35 years in jail if found guilty, has denied the charges which Washington believes are politically motivated.

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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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