Relations with Turkey are not good!


Bookings to Turkey have gone up in recent months - although the exact cause is, of course, hard to say.

He does have an understandable reason: Turkey has been holding an American pastor captive for 21 months, on grounds that the preacher was involved in the failed coup attempt against Turkish president Recep Tayyip Erdogan in 2016.

The currency is down 40 percent just this year, shaking worldwide investors' confidence in the country. Turkish President Recep Tayyip Erdogan addressed supporters Friday in the provincial city of Bayburt. "The US should not forget that it could lose a strong and honest partner like Turkey if it does not change its attitude", he was quoted as saying by Hurriyet daily. "Turkey is an important strategic partner militarily and economically". A Republican ally of the president, Sen.

He added: "Relations with countries who behave like this have reached a point beyond salvaging".

Turkey and the US are now experiencing rocky relations following Washington's imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing Brunson.

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Erdogan's claim of a Western political plot against him sparked alarm in investors and prompted an acceleration in the currency sell-off. "Don't heed them. Don't forget, if they have their dollars, we have our people, our God", Erdogan said.

Investors quickly made up their minds, with the Lira sliding 5pc during his 15-minute speech, and then slumping even further in the afternoon, again signalling the deep concern about the stewardship of the economy under Mr Erdogan and Mr Albayrak, his son-in-law and newly appointed Finance Minister.

Trump made his unexpected announcement on Twitter from his golf club in Bedminster, New Jersey, as the Turkish currency, the lira, fell to all-time lows against the US dollar.

"We have held a negative view on Turkey since the beginning of the year, when the Central Bank's inaction in the face of a credit-fuelled overheating of the economy was beginning to put downward pressure on the Turkish Lira and associated assets".

A favourable exchange rate though can't have harmed the situation: on Friday, the United States dollar would buy nearly six Turkish lira; at the end of January, it would have got you less than four.

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It said it would support steel and aluminium exporters on all global platforms, and the United States remained an important trade partner.

Erdogan on Friday appealed for calm and called on people to change foreign money into local lira. The currency has fallen 66 per cent since the start of the year, pushing up the cost of goods for Turkish people and shaking worldwide investors' confidence in the country.

First, US authorities are looking into impropriety at Turkish Bank Halkbank who are accused of breaking the US financial embargo on Iran. "There are so many rumors percolating that large companies are going bankrupt", said analyst Yesilada. And under Turkey's new executive presidential system, Erdogan pretty much calls all the shots.

US President Donald Trump has announced to double steel and aluminum tariffs on Turkey, saying relations between Washington and Ankara "not good" as tensions mount between the two countries.

Turkey wants the USA to extradite cleric Fethullah Gulen, a Pennsylvania-based cleric who Turkish authorities say masterminded the coup attempt in which 250 people were killed. "It may be not the best, but it is an option".

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