Egypt, Japan sign 12 agreements, LOIs across strategic sectors    Gold prices steady with slight gains on Tuesday    Egyptian pound ends Tuesday lower against US dollar – CBE    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt's PM heads to Japan for TICAD 9 Africa development summit    National Council for Childhood reviews plan to combat child labour    Egypt's Supreme Organ Transplant Committee strengthens oversight, standards    African agribusiness market expected to reach $1tr by 2030    Serbia's Vucic vows 'tough measures' against protesters after unrest    Zelenskyy seeks US security guarantees as Trump says he can 'end war now'    Israelis protest for hostage deal amid growing pressure on Netanyahu    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt delivers over 30 million health services through public hospitals in H1 2025    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Lira falls as Turkey says US waging 'economic war'
Published in The Egyptian Gazette on 23 - 08 - 2018

ANKARA/ISTANBUL, August 23, 2018 (Reuters) - The lira weakened on Thursday, staying under pressure as a damaging standoff between Turkey and the United States centred on the fate of a Christian pastor showed no signs of easing.
Ankara accused Washington of waging "economic war" and failing to respect its legal system over Andrew Brunson, whose trial in Turkey on terrorism charges - which he denies - has soured ties between the NATO allies.
The lira dipped 1.1 per cent to 6.1000 against the dollar from a close of 6.0330.
It is down 38 per cent this year, with the crisis in Turkish-US relations feeding into losses triggered by concern about President Tayyip Erdogan's influence over monetary policy.
Trade was thinner than usual and probably mainly offshore. Turkish markets closed on Monday for a week to mark the Muslim Eid al-Adha festival.
Erdogan's spokesman told Reuters overnight that comments by President Donald Trump's national security adviser showed the United States was targeting Turkey's economy.
John Bolton told Reuters that Turkey had made a "big mistake" in not freeing Brunson, and was sceptical about $15 billion of investment support from Qatar, which was "utterly insufficient to have an impact on Turkey's economy."
"His statement is proof that the Trump administration is targeting a NATO ally as part of an economic war," Erdogan's spokesman Ibrahim Kalin said.
"The Trump administration has ... established that it intends to use trade, tariffs and sanctions to start a global trade war."
The crisis could be over "instantly" if Turkey released Brunson, according to Bolton, prompting Kalin to call on Washington to respect Turkey's judicial independence, one of Ankara's most pointed responses yet to criticism over Brunson's detention.
Until Kalin's statement, Turkish officials had been silent about comments on Turkey this week by Trump and Bolton. Trump told Reuters on Monday he would give no concessions in return for Brunson's release.
As relations soured, Trump this month doubled tariffs on metal imports from Turkey, prompting Ankara to raise tariffs on U.S. car, alcohol and tobacco imports by the same amount.
Ankara has initiated a WTO dispute complaint on the tariffs.
"Turkey will protect its national interests on every platform and work with the rest of the world against restrictive and punitive measures," Kalin said.


Clic here to read the story from its source.