Turkish lira firms against dollar ahead of Albayrak presentation

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The row with Washington has helped drive the lira to record lows, with the Turkish currency losing more than 40% of its value against the dollar this year. The tariffs that the United States placed on Turkey were out of national security interest.

Turkey's Vice President Fuat Oktay has said Turkey has increased customs duties on some United States products including alcohol, cigarettes and cars in retaliation to Washington's tariffs on Turkish aluminium and iron.

Washington warned more economic pressures may be in store for Turkey if it refuses to release Brunson, a White House official said on Tuesday.

Turkey is hiking tariffs on imports of certain U.S. products in response to American sanctions on Ankara that caused the value of the lira to plunge, a decree published Wednesday said.

Earlier this month, the U.S. Treasury Department sanctioned Turkey's ministers of Justice and Interior in response to the continued detention of the pastor, who has lived in the country for 20 years and heads an evangelical congregation of about two dozen people in the port city of Izmir.

"The tariffs that are in place on steel will not be removed with the release of pastor Brunson".

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The US doubled tariffs last week over Turkey's refusal to extradite a US pastor who is imprisoned there.

Lavrov, alongside Turkish Foreign Minister Mevlut Cavusoglu, also declared, "We are at a turning point, without exaggeration, in world history" from dominance by a single power toward a multipolar environment.

About 8 a.m. BST (3 a.m. ET), the lira made a rapid and large upward movement against the dollar, briefly moving back below six to the dollar and reversing some of the big downwards moves seen over the past week.

There was also optimism about better relations with the European Union after a Turkish court released two Greek soldiers pending trial.

In an effort to defend the lira, Turkey's central bank tightened its rules on currency swaps and other foreign exchange transactions, limiting banks' ability to supply lira to foreign financial companies.

"Rates have gone up by 10 percent".

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"So now you have economic data warranting the Fed rate hiking cycle and expectations for other central banks pushed out a little bit", said Tomes.

Erdogan again urged Turks to convert their USA dollars into the Turkish currency - the lira - to give it a boost as it continues to drop in value. "It can buy time, finger in the dike, but the longer term issues remain", said Tim Ash, a senior emerging-market strategist at Bluebay Asset Management LLC in London.

"They are killing offshore lira liquidity to stop foreigners shorting the lira", he said.

President Erdogan said Turkey was taking measures to stabilise the economy, and should not "give in to the enemy" by investing in foreign currencies.

The Turkish lira rallied 3 percent on Thursday ahead of a presentation by Finance Minister Berat Albayrak to investors, shrugging off US comments ruling out the removal of steel tariffs on Turkey even if it frees a USA pastor.

"Qatar has pledged $15 billion of direct investments in Turkey", tweeted Ibrahim Kalin after President Recep Tayyip Erdogan met with Sheikh Tamim bin Hamad al-Thani, Qatar's emir, in the capital Ankara.

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