Turkish lira steadies despite US warning of more sanctions


In a remarkable recovery, the Turkish lira has strengthened against the dollar today despite the US warning that Turkey should expect more economic sanctions unless it hands over detained American pastor Andrew Brunson.

The currency is currently trading at 5.79, up 0.4per cent on the day.

US Treasury Secretary Steven Mnuchin told President Donald Trump at a cabinet meeting on Thursday: “We’ve put sanctions on several of their cabinet members, working with you (President Donald Trump), we have more that we’re planning to do if they don’t release him quickly.”

Trump later said in a tweet the United States “will pay nothing” for Brunson’s release, “but we are cutting back on Turkey!” He called Brunson “a great patriot hostage”.

Turkish officials say the case is a matter for the courts.