Qatar to make direct investment of $15B in Turkey

Turkey has announced higher tariffs on US imports in response to increases on Turkish aluminium and steel imports. AP

"This is regrettable and a step in the wrong direction".

The crisis has sent the Turkish currency into free fall since Friday.

Turkey's lira has plummeted almost 40 percent this year due to concerns over Erdogan's growing influence on the economy.

Earlier on Wednesday, Qatar pledged $15 billion in investment to Turkey, which will be channeled into banks and financial markets, a Turkish government source told Reuters.

The lira has lost almost 40 percent of its value against the dollar this year, driven by worries over Erdogan's growing influence on the economy and his refusal to raise interest rates despite high inflation.

'The import duties were increased on some products, under the principle of reciprocity, in response to the USA administration's deliberate attacks on our economy, ' Vice President Fuat Oktay wrote on Twitter.

The Fund was monitoring the situation closely, the spokesperson added.

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The Turkish lira hit a record low of 7.24 to the dollar this week, down 40 percent this year, as investors fretted over Erdogan's influence over monetary policy and the dispute with the United States. Turkey's exports to the United States a year ago amounted to $8.7 billion, making it Turkey's fifth-largest export market.

On 15 August, a Turkish court rejected a new appeal for the release of US pastor Andrew Brunson, despite the warning of a White House official the previous day that more US sanctioUS President Donald Trump returns to the White House after an 11-day working vacation in Bedminster, New Jersey, on 13 August 2018.ns on Turkey were likely if Brunson was not released in the "coming days". But the White House does not plan to lift the metals tariffs, which Sanders said were a national security issue.

Turkey and Qatar - which is also a very close United States ally - have become close economic and political partners in recent times.

Optimism about better relations with the European Union after a Turkish court released two Greek soldiers pending trial and a banking watchdog's step to limit foreign exchange swap transactions have also helped the lira.

Another video shows a lawmaker from the Turkish Nationalist Movement Party, Cemal Enginyurt, buying a Samsung smartphone and asking a fellow party member to throw his old iPhone on the floor and jump on it.

"Rates have gone up by 10 percent".

The court in the western city of Izmir ruled that Brunson, who faces 35 years in jail over terror and espionage charges, will remain under house arrest, the state television TRT reported.

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