Turkish court rejects USA pastor Brunson's appeal for release: Haberturk

Andrew Cummings
August 18, 2018

"We put sanctions on several of the Cabinet members", Mnuchin said.

He later tweeted: "Turkey has taken advantage of the United States for many years".

A higher Turkish court has rejected an appeal for the release from detention of the American pastor Andrew Brunson, who is facing terrorism-related charges and is now under house arrest in the Aegean province of Izmir.

-China trade talks soothed nerves over their tariff war, while the recovery in Turkey's lira ran out of steam.

The Chinese yuan recovered from its weakest level since January 2017, and the dollar moved slightly lower.

The currency plunged to a record low of 7.24 per dollar at the start of the week as a worsening of relations between Turkey and the United States added to losses driven by concerns over President Tayyip Erdogan's influence over monetary policy.

Turkish officials visited Washington last week with the idea of seeking leniency for a U.S. investigation into a Turkish bank, which a source told the Eye fell through, but opened a dialogue.

Albayrak, a 40-year-old former company executive with a doctorate in finance, said Turkey would not hesitate to provide support to the banking sector.

William Jackson, chief emerging markets economist at London-based Capital Economics said in a note that Albayrak gave a "moderately convincing performance". But his father-in-law's opposition to higher interest rates may complicate that quest. Officials from President RecepTayyip Erdogan's office said the pledge was made by Sheikh Tamim bin Hamad Al Thani, who met with the Turkish leader Wednesday. "I think a lot of the market liked hearing that". Japan's Nikkei average closed 0.1% lower in choppy trade, with the benchmark falling as much as 1.5% before a brief swing into positive territory on China news.

Turkey's central bank meets next on September 13.

However, in a potential complication, a Foreign Ministry source in Berlin said Turkish police had arrested a German citizen.

A rebound in the Turkish lira was cut short by new threats by Ankara and Washington to impose more sanctions as the dispute over a jailed American pastor shows no sign of being resolved.

That case has increased speculation that the bank itself could be fined for sanctions-busting.

Others agreed. "American sanctions will have no effect on us as long as we remain united", said another man, Ibrahim Aktar.

Trump's comments came after a court in Izmir province rejected an appeal to release Brunson from house arrest, saying evidence was still being collected and the pastor posed a flight risk, according to a copy of the court ruling seen by Reuters. As The New York Times reports, "The sum is a small fraction of what Turkey would need to shore up its faltering economy or pay its dollar debts, which have become increasing unsustainable after a sharp decline in the Turkish lira". The pastor is now under house arrest in his apartment in Izmir's Konak district, which is being closely watched 24/7 by special operation units.

However, Turks appeared not to be heeding his appeal.

Other reports by iNewsToday