Turkish president says the country will boycott United States electronics


The International Monetary Fund urged Turkey to adopt sound economic policies to promote stability and reduce imbalances at a time of market volatility, Reuters reported, citing comments Wednesday by an unidentified spokesperson for the agency.

The announcement comes after Turkish Finance Minister Berat Albayrak assured global investors on Thursday that the country's banks were healthy and that Turkey would emerge "stronger" from its currency crisis.

"We have more that we are planning to do if they don't release him quickly", Mr Mnuchin said during the meeting.

Erdogan has warned Turkey could seek alternative partners pointing to Ankara´s strong ties with Russia, Iran and China.

Turkey's biggest mobile phone importing companies have cancelled their iPhone orders as Turkish citizens join a move to boycott U.S. products.

Earlier in the day, the currency had shrugged off USA comments ruling out the removal of steel tariffs on Turkey even if it frees an American pastor who lies at the center of the complex feud between Washington and Ankara.

The US imposed sanctions on two Turkish government ministers and doubled tariffs on Turkish steel and aluminium imports over the continued detention of an American pastor on espionage and terror-related charges.

Following the Qatar news, the lira firmed briefly to 5.8699 from 6.04 to the dollar, before easing back to 6.0500 by 1658 GMT.

MSCI's emerging market currency index hit its lowest level since May 2017 on Wednesday as many major emerging currencies extended their selloff in the wake of Turkey's currency crisis.

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The dispute over Mr Brunson and other frictions between Washington and Ankara have been one reason the Turkish lira has plunged 40 percent this year. Now, he said, the alliance between the two is "very vulnerable" because they have conflicting interests as well as different priorities, including in the Syrian war and over relations with Russian Federation.

Turkey is ready to discuss its issues with the United States as long as there are no threats, Turkey's Foreign Minister Mevlut Cavusoglu said.

The lira has clawed back some ground over the last two days - after losing nearly a quarter of its value on Friday and Monday - but economists are warning that Turkey must urgently address its economic imbalances to avoid more troubles ahead.

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.

Albayrak will also meet his German counterpart Olaf Scholz in Berlin on September 21. "Turkish-Qatari relations are based on solid foundations of true friendship and solidarity", he said.

Halkbank has said all of its transactions were lawful and Albayrak played down the risk.

"We are experiencing unfavourable conditions but we will overcome", he said. "He needed help getting somebody out of some place, he came out".

"To President Erdogan and the Turkish government, I have a message on behalf of the president of the United States of America: Release pastor Andrew Brunson now, or be prepared to face the consequences", Vice President Mike Pence said last month.