Turkish lira rebounds after Qatar pledges $15 billion

The lira plunged to a fresh record low of 7.24 against the dollar during in Asia Pacific trade where markets were opening for Monday morning. Ismail Ferdous  Bloomberg

A decree signed by President Tayyip Erdogan doubled Turkish tariffs on passenger cars to 120 per cent, on alcoholic drinks to 140 per cent and on leaf tobacco to 60 per cent. Tariffs were also doubled on goods such as cosmetics, rice and coal.

Turkey is hiking tariffs on imports of certain USA products in response to American sanctions on Ankara that caused the value of the lira to plunge, a decree published Wednesday said.

During the Cabinet meeting on Thursday, US President Donald Trump said that Turkey hasn't turned out to be a great friend to the US.

It, however, recovered a bit a day after Turkish President Recep Tayyip Erdogan announced the sharp spike in tariffs on USA goods. Yesterday, he said Turkey would boycott U.S. electronic products.

"Turkey is not in favor of an economic war, but we can not remain with no reaction if there is an attack on us", Erdogan spokesman Ibrahim Kalin said.

Erdogan has reacted to the financial instability by blaming foreign powers, in particularly the United States, a longtime North Atlantic Treaty Organisation ally, which he says is waging an "economic war" as part of a plot to harm Turkey.

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

He stressed that using Turkish liras in trade would be provided throughout the country.

The Turkish lira has dropped to record lows in recent weeks, having fallen some 42 percent so far this year.

Brunson could face 35 years in jail if found guilty of the charges.

State-run Anadolu Agency says the lawyer on Tuesday also appealed to a court to lift a travel ban imposed on Pastor Andrew Brunson.

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

In this Friday, Dec. 25, 2015 photo, Turkey's President Recep Tayyip Erdogan, right, holds Turkish citizen Vezir Cakras by the hand while speaking on his mobile phone inside his vehicle in Istanbul. Sanders lamented that Turkey had treated Brunson, "who we know to be a very good person and a strong Christian who has done nothing wrong, very unfairly, very badly".

The Turkish leader also urged citizens to exchange gold and foreign currency into lira, saying the country was involved in an economic war with enemies. The minister ruled out any move to limit money flows - which is a possibility that worries investors - or any assistance from the International Monetary Fund, NTV said.

He promised central bank independence, tighter budget discipline, structural reform and "sustainable and healthy growth".

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