Erdogan calls U.S. sanctions an 'operation,' as Lira drops to record 7.22

The central bank has over the last weeks defied calls from markets for rate hikes to combat these problems, raising fears of interference from Erdogan who has repeatedly called for low interest rates.

Erdogan's remarks came a day after US President Donald Trump ramped up his attack on Turkey by doubling US tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively.

The United States gave Turkey a deadline until last Wednesday, Turkish President Tayyip Erdogan said on Sunday, to release an American pastor being tried by a Turkish court.

In a New York Times article at the weekend Erdogan threatened that NATO-member Turkey could "start looking for new friends and allies" if the United States did not reverse its trend of "unilateralism and disrespect".

Last week, a Turkish delegation went to Washington and met with USA counterparts, but there was no breakthrough.

"Unless the United States starts respecting Turkey's sovereignty and proves that it understands the dangers our nation faces, our partnership could be in jeopardy", he wrote.

"They tell us to release the priest by Wednesday 6pm, otherwise the sanctions will begin", Mr Erdogan said, revealing details of talks between the North Atlantic Treaty Organisation allies in Washington on Wednesday.

Trump and Erdogan have discussed Brunson's imprisonment "on several occasions", White House spokesman Sarah Sanders said at the time, adding that Trump is "not happy with Turkey's decision not to release" the pastor. U.S. President Donald Trump introduced a round of sanctions on August 1, preventing the Turkish justice an interior ministries from doing business with U.S. businesses.

Even before the latest tensions, Erdogan had been courting Russian Federation, signing an agreement to buy a missile defence system.

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Erdogan has also expanded his outreach to Iran and China. Trump is reported to have discussed his case with Turkish President Recep Tayyip Erdogan over the phone.

"Interest rates should be kept to a minimum because they are a tool of exploitation that makes the poor poorer and the rich richer", he said. "We will be entering a strong period in terms of fiscal policies", he said.

After winning a June election with revamped powers, he tightened his control over the central bank and appointed his son-in-law Berat Albayrak to head a newly-empowered finance ministry.

"If the U.S.is turning its back on us.choosing a pastor instead, sorry.we continue our path with decisive steps", Erdogan told a crowd of supporters in Black Sea coastal city of Rize.

The lira's free-fall was the result of a foreign plot and did not reflect Turkey's economic fundamentals, he said. "What is the reason for all this storm in a tea cup?" There is no economic reason for this.

"It is making an operation against Turkey..."

Turkish market shares of the total Egyptian exports is about 5%, which is a very modest share, said Mohamed Abu Basha, head of macroeconomic analysis at the Cairo-based investment bank EFG-Hermes, noting that the Turkish Lira slump is a big issue, which Turkish authorities will find huge difficulties to deal with.

Bloomberg price data showed the dollar climbed as much as 13 per cent to 7.2362 against the lira, with some banks said to avoid providing two-way prices amid unprecedented volatility. Do not take a stance saying, "We are bankrupt, we are done, we should guarantee ourselves.' If you do that, that would be wrong".

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