Tuesday, 11 December, 2018

Turkish Lira Falls to Record Low After U.S. Sanctions

Turkey's President Tayyip Erdogan Turkey's President Tayyip Erdogan
Andy Castillo | 02 August, 2018, 13:41

Turkey vowed to retaliate against the sanctions. "We will get it", Soylu wrote on his official Twitter account.

The United States on Wednesday slapped sanctions on Turkey's interior and justice ministers, aimed at pressuring its North Atlantic Treaty Organisation ally into releasing a detained American pastor who is being tried on espionage and terror-related charges.

Tensions have ratcheted up in recent weeks over Turkey's detention on terror charges of American pastor Andrew Brunson, who was first detained in October 2016 and was moved to house arrest last week.

Justice Minister Gul said Wednesday he does not own any property or have money outside Turkey.

"We call on the United States administration to turn back from this wrong decision".

Mr Brunson is accused of aiding plotters of an attempted coup in 2016.

Ankara also accuses FETO of being behind a long-running campaign to overthrow the state through the infiltration of Turkish institutions, particularly the military, police, and judiciary. The next hearing is October 12 with the pastor facing 35 years in jail if convicted.

U.S. pastor Andrew Brunson (C) is released from jail and will be put under house arrest during the duration of his trial, at Aliaga Prison in Izmir, Turkey.

"We call on the United States. administration to walk back from this wrong decision", a statement by the Turkish foreign ministry said, calling Washington's action a "hostile stance".

Traffic in Zimbabwean capital at standstill amid protest against election results
The electoral commission warned that final results of the presidential first round may not be known until Friday or even Saturday. Both the opposition and Western election observers have urged that presidential election results be released as soon as possible.

Pompeo said Trump had decided that sanctions were "the appropriate action".

He stands accused of carrying out activities on behalf of two organisations Ankara considers terror groups.

The Turkish Lira slid to a record low beyond 5 to the dollar and stocks fell on August 2, after the United States imposed sanctions on two Turkish ministers over the trial of a US pastor accused of backing terrorism.

The pastor denies the charges and his defence team argues the case is built on questionable witness statements. Vice President Mike Pence urged Turkey to release Brunson or face consequences.

Turkey is meanwhile furious the United States has failed to extradite Gulen, who lives in rural Pennsylvania, to face trial over the coup bid.

"President Trump has made it abundantly clear that the United States expects Turkey to release him immediately", Treasury Secretary Steven Mnuchin said in a statement announcing the punitive measures against Gul and Soylu.

Trump's executive order was used this summer to sanction people in Nicaragua deemed responsible for human rights abuses and corruption.

Anticipation of the US sanctions had already helped to send the Turkish lira to an all-time low against the dollar on Wednesday.

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