Turkish lira skids past 5 to dollar on USA sanctions move

Posted August 04, 2018

Turkey will complete 1,000 projects within the next few months, Turkish President Recep Tayyip Erdogan said on Friday as he unveiled in Ankara the new government's action plan for the first 100 days in office.

The sanctions, announced Wednesday, allow the US government to target individuals and companies involved in corruption or human-rights abuses, which in this case include Turkey's justice and interior ministers.

On Friday State Department spokesman Heather Nauert said Pompeo and Cavusoglu had a "constructive conversation" and "agreed to continue to try to resolve the issues between our two countries".

"We reached agreement on resolving problems through close cooperation and dialogue", Cavusoglu told reporters, though he added that settling the dispute would take time. We are now at a better point than yesterday with the US.

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The standoff appears to be one of the most serious crises between Turkey and the United States in modern history, along with the rows over the 1974 Turkish invasion of Cyprus and the 2003 US-led invasion of Iraq.

Despite a sharp deterioration in relations over the detention of an American pastor, the United States and Turkey remain valued partners, U.S. Secretary of State Mike Pompeo said Saturday, in an apparent bid to ease tensions that have rocked ties between the North Atlantic Treaty Organisation allies.

"Brunson needs to come home, as do all the Americans being held by the Turkish government. They argue then make up", Albayrak said, adding: "Relations will never break off". These are innocent people.

On Wednesday, Washington moved to block the assets of Turkish Justice Minister Abdulhamit Gul and Interior Minister Suleyman Soylu in the United States and prohibit American citizens from "engaging in transactions with them".

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The Foreign Ministry said it would retaliate against what it called Washington's hostile action. It urged Trump to reconsider the sanctions.

Pastor Brunson was arrested in Izmir, Turkey in October 2016, and was accused without any evidence of helping terrorist groups and of engaging in espionage.

In a statement announcing the sanctions, the US Department of the Treasury said Gul and Soylu are the leaders of organisations that have engaged in "serious human rights abuse". But Turkish officials have rubbished the claims.

They said his recent transfer from prison to house arrest was not enough and on Wednesday, the Treasury Department hit Turkey's Justice Minister, Abdulhamit Gul, and Interior Minister, Suleyman Soylu, with sanctions that block any assets they may have in US jurisdictions and bar Americans from doing business with them. The United States has also been seeking the release of three locally employed embassy staff detained in Turkey.

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