An American evangelical pastor, whose detention in Turkey has already caused an unprecedented deterioration in Ankara-Washington relations, has renewed his appeal to a Turkish court to release him from house arrest and overturn his travel ban. The Trump administration has been demanding that Turkish authorities free an American pastor who was arrested back in 2016 over charges he tried to overthrow Erdogan's government. Turkey has an estimated 47 million smartphone users, though iOS penetration in the country is estimated to hover around just 16 per cent.
The government of President Recep Tayyip Erdogan has so far refused to employ the traditional remedy of sharply raising interest rates to defend the currency, given the damage this would do to the domestic economy - and his political support. Erdogan stressed that any product made by the USA could be made even better in Turkey, and that for the time being the country would pivot to using South Korea's Samsung electronics. However, several concerns remain - notably, whether the central bank is truly independent as President Recep Tayyip Erdogan tightens his grip on the country's institutions.
Turkish President Recep Tayyip Erdogan said Tuesday that his country will ban USA electronics after a diplomatic feud pushed it into a currency crisis.
"If they have the iPhone on the other hand there is Samsung". Yasar Subasi, an Istanbul resident said, "For real, right now we think about the dollar when we go to sleep and when we get up". Today he announced a boycott of USA electronics.
"The lira has lost more than 40 percent this year and crashed to an all-time low of 7.24 to the dollar on Monday, hit by worries over Erdogan's calls for lower borrowing costs and by worsening ties with the United States, a major North Atlantic Treaty Organisation ally".
"President Erdogan keeps referring to an "economic war" with the United States, putting the blame on some type of foreign conspiracy".
Policy makers need to adopt a series of measures "so that the situation doesn't make permanent damage to the real economy", the Union of Chambers and Commodities Exchanges of Turkey and the Turkish Industry and Business Association said in a joint statement. But world stock traders were dismayed the bank did not raise interest rates, which is what many economists believe is necessary to ease the crisis. The Turkish leader had already said the USA risks pushing a key North Atlantic Treaty Organisation member to seek allies elsewhere.
Russia's Foreign Minister Sergei Lavrov, who is visiting Ankara, branded the USA sanctions an illegitimate policy at a news conference on Tuesday.
Meanwhile, one sector has reaped the benefits of the lira's decline as foreign tourists encouraged by the weak currency have flocked once again to Turkish beaches.