White House says Turkey treated pastor 'badly'

Emerging market currencies plunged as Turkey’s lira extended its precipitous slide

Other emerging market currencies, such as Brazil's real and Mexico's peso, also rose.

In early trading on Monday it recovered slightly to 6.92 to the dollar after continuing to fall from an overnight record low of 7.24.

A USA 100 dollar banknote is seen through a magnifying lens on top of 10 and 20 lira banknotes in this illustration picture taken in Istanbul January 28, 2014.

However, the currency market's reaction to his conference call - in which he also said Turkey had no plans to seek help from the International Monetary Fund or impose capital controls to stop money flowing overseas - was measured.

President Donald Trump doubled tariffs on Turkish metals exports to the United States last week prompting Turkey, which says it will not bow to threats, to raise tariffs on U.S. cars, alcohol and tobacco by the same amount on Wednesday.

The U.S. Department of the Treasury on August 1 slapped sanctions on Turkey's justice and interior ministers, citing their roles in the detention of a U.S. pastor. Tariffs also are in place for fruit, coal, makeup and rice, government officials said.

The official says the White House thought it had a deal to secure Brunson's release last month, apparently referring to USA pressure on Israel to release a Turkish citizen imprisoned there.

"They have not proven to be a good friend", Trump said of Turkey during the Cabinet meeting.

Meanwhile, as is his wont, U.S. President Donald Trump didn't do anything to help, and in fact made it worse, by hitting Turkey with tariffs over 1) an American pastor being held in the country on charges of espionage, and; 2) the fact that Turkey's currency was cheap.

Brunson, 50, is being tried on espionage and terror-related charges, which he and the USA government vehemently deny.

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The yuan last stood at 6.8794 per dollar, down 0.25% on the day but still off Wednesday's 19-month low of 6.9587. Cavusoglu said ties with the bloc, long strained, were on a firmer basis and had started normalising.

The lira rose 3%, also helped by measures aimed at deterring foreign investors speculating on the lira.

"If they can't get their money back, they will cut down on lending to other people", said Fariborz Ghadar, director of Penn State's Center for Global Business studies.

"Rates have gone up by 10 percent".

"Contagion risks centre on Spanish, Italian and French banks exposed to Turkish foreign currency debt, as well as Argentina and South Africa", warned analysts at ANZ.

Mr Albayrak said Turkey's banks are "healthy and strong" and that implementing structural reforms and maintain tight monetary policy to fight inflation remain a priority.

The initiative underscores the strong relations between Qatar and Turkey and re-emphasise Qatar's gratitude and appreciation for the stand taken by the government and people of Turkey in support of Doha when the unjust siege was imposed on it in June previous year.

The fallout has been sparked by a number of issues - including Turkey's detention of an American pastor - while Ankara has demanded the extradition of a Turkish cleric who is blamed by Mr Erdogan for masterminding the failed 2016 coup against him. A court has since denied his appeal for release.

Hurriyet newspaper said the court in Izmir rejected the appeal, but that a higher court would review the appeal.

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