Erdogan calls on Turkey to 'boycott' iPhones and other U.S. electronic goods

Turkish President Tayyip Erdogan makes a speech in Ankara Turkey

USA and global markets fell on Friday and Monday, reflecting concerns that Turkey's problems could spread.

Speaking of "an economic war" Erdogan calls on Turks to support their struggling currency by exchanging any foreign money they hold for Turkish lira.

The lira pulled back on Tuesday from a record low hit a day earlier, helped by the central bank's new liquidity measures and news of a planned conference call in which the finance minister will seek to reassure investors.

Erdogan said Turkey was facing an "economic attack" and a "bigger, deeper operation" but showed no sign of making concessions to the United States.

The greenback rose to a 13-month high against the Singapore dollar on Monday (Aug 13), as a renewed rout in the Turkish lira sent investors scurrying for safety in the USA dollar and other assets. "With God's permission we will overcome this", Erdogan told his party members in the Black Sea city of Trabzon.

Turkish President Recep Tayyip Erdogan gas called for a boycott of iPhones other U.S. electronic goods in a fiery speech. President Recep Tayyip Erdogan, an opponent of interest rates who has wielded more influence over Turkey's central bank this year, continued to blame the sell-off on external forces like Washington.

"If they have iPhone, there is Samsung on the other side".

His call met a mixed response on Istanbul streets. But most of those reports are done, and Sandven, of US Bank, said stocks may spend the next two months wavering.

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United States pastor Andrew Craig Brunson is at the centre of a diplomatic row between Turkey and the US. This difference between import and export of goods and services has been filled through external borrowing in foreign currency.

The value of the Turkish currency has been falling for some time, with a more than 40-percent drop this year, ... and South Korea's central bank said Tuesday that it is keeping close tabs on the financial market to check for further possible fallout from the currency crisis in Turkey. Be a president or whatever you want to be. The Indian rupee fell to a record 69.92 against the green-back while the euro also fell on fears of contagion to 1.14, according to Bloomberg.

Turkey remains at loggerheads with the United States in one of the worst spats between the two North Atlantic Treaty Organisation allies in years over the detention for the last two years of American pastor Andrew Brunson and a host of other issues.

Turkey's ambassador to Washington Serdar Kilic held talks with United States national security advisor John Bolton in a meeting which Ankara said was arranged by the White House.

A statement by the Russian foreign ministry used standard diplomatic language to talk about growing trade and common interests between the two countries.

David Kohl, the chief currency strategist at Julius Baer said the Turkish president's comments in May, calling interest rates "evil", suggest there are "no intentions to win market confidence in order to stabilise the weakening currency".

Relations between Ankara and Washington have been rocky since the Trump administration imposed sanctions on Turkey's interior and justice ministers last week after Ankara refused to release American Pastor Andrew Brunson, who faces terrorism-related charges in Turkey.

Mr Brunson's lawyer Ismail Cem Halavurt on Tuesday appealed again to a Turkish court to release him and lift his travel ban.

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