Dollar hits another 13-month peak over Turkey concerns


'We will boycott USA electronic goods, ' Erdogan said in a televised speech, raising the stakes in a spat that has seen the Turkish lira plunge to record lows.

Turkish President Tayyip Erdogan said on Tuesday that Ankara would boycott electronic products from the United States, retaliating in a row with Washington that has helped drive the lira to record lows.

Erdogan also said his people should buy Turkish smartphones, naming the Turkish electronics and consumer appliance company Vestel and its line of Venus smartphones.

"We will boycott USA electronic products", Erdogan said.

Apple, iPhone, and iPad are trademarks of Apple Inc., registered in the US and other countries.

Turkey's lira has lost nearly 40 per cent of its value this year, falling 18 per cent on Friday after President Trump doubled steel and aluminium tariffs and criticised relations between the two countries.

National Security Adviser John Bolton met at the White House on Monday with Turkish ambassador Serdar Kilic, but the discussion reportedly did not result in any substantive progress.

Turkey detained Brunson after a failed 2016 coup that it blamed on Fethullah Gülen, a former ally of Erdoğan who now lives in Pennsylvania.

"The progress that we want to be made is to have Pastor Brunson return home, and I'll leave it at that", US State Department spokeswoman Heather Nauert said on August 9.

A stronger greenback, even as the Fed is accelerating the unwinding of the legacy of its buying of USA government bonds and mortgages during the financial crisis, means the United States currency is becoming both more expensive, and less available.

It was supported by news of a planned conference call on Thursday in which the finance minister will seek to reassure investors concerned by Erdogan's influence over the economy and his resistance to interest rate hikes to tackle double-digit inflation.

On Monday, Erdogan said that spreading false news about the economy was treason and recent US actions were a stab in the back against Ankara.

While Erdogan didn't address their concerns in his speech, he said Turks have already begun converting foreign exchange into Turkish lira because it would be tantamount to "surrendering" if they did otherwise. On Tuesday, one dollar was worth 7.2 lira.

Erdogan has called this fight an "economic war" and has urged citizens to dig out their dollars, euros and gold to cash them in for Turkish lira.

A Turkish airlines airplane at a docking station at the TAV airport in Skopje, Macedonia May 16, 2018.

"The president is 100 percent committed to bringing Pastor Brunson home and if we do not see actions in the next few days or a week there could be further actions taken", the official said.

Andrew Brunson's lawyer, Ismail Cem Halavurt, announced the news on Tuesday, saying that he had filed the demand earlier in the day, around two weeks after his previous appeal was rejected by the Second Heavy Penalty Court in Turkey's western province of Izmir.