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Turkey to boycott US electronic goods over sanctions
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Top Stories |
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IANS | 15 Aug, 2018
Turkish President Recep Tayyip Erdogan on Tuesday warned that his
country would boycott electronic goods from the US, after Washington
imposed punitive sanctions on Ankara over the latter's refusal to
extradite a jailed American pastor.
Tensions between the two
countries have escalated over US pastor Andrew Brunson, who was arrested
in Turkey nearly two years ago over terrorism allegations. Washington
doubled tariffs on steel and aluminum imports last week following
Turkey's refusal to extradite him.
The impasse led to the
depreciation of the Turkish lira, which lost 25 per cent of its value in
August and impacted on other countries' currencies as well, including
the Indian rupee, as investors feared the lira's wobbles could spread to
developing nations.
"If (the US) has the iPhone, there's Samsung
on the other side," Erdogan said, referring to Apple and its South
Korean competitor. He added that Turkey also had its own Venus Vetsel
phones, the BBC reported.
Erdogan termed Washington's measures as
an "economic attack from abroad". Russia, Brazil, Argentina, South
Africa and Mexico also saw their currencies fall over the last week.
He
said that Turkey was taking measures to stabilize the economy and
should not "give in to the enemy" by investing in foreign currencies.
Russia's
Foreign Minister Sergei Lavrov, who was visiting Ankara, branded the US
sanctions an "illegitimate policy" on Tuesday. He accused Washington of
seeking an unfair competitive advantage in global trade.
Since
January, the Turkish lira has lost more than 34 per cent of its value
against the dollar, pushing up the price of everyday items.
In a
televised speech earlier, the Turkish President called on citizens to
exchange foreign currency and gold for lira, calling it an "economic
war". However, there may be a small respite for the flailing currency,
which gained slightly in value after days of dramatic falls.
Turkey's
central bank has promised to provide banks with liquidity. The
country's Finance Minister will seek to reassure around 1,000
international investors in a teleconference scheduled for Thursday.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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