Turkey’s Crypto Exchanges See Spike in Trading Volume as the Lira Collapses

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Trump made his unexpected announcement on Twitter from his golf club in Bedminster, New Jersey, as the Turkish currency, the lira, fell to all-time lows against the USA dollar.

Also on Friday, relations between the United States and Turkey have worsened over the fundamentalist Muslim-majority country's detention of American pastor Andrew Brunson, who was arrested by authorities during a post-military coup attempt in 2016.

"These are the bullets, cannonballs and missiles of an economic war waged against our country", he said.

He said his government had taken measures in response, and would continue to do so.

The Turkish unit of currency, the lira, has been dropping due both to the policies of Turkish President Recep Tayyip Erdogan and that country's souring relationship with the United States.

Brunson, 50, was arrested in 2016 but was recently released from prison and put under house arrest.

Last week, the United States imposed sanctions on Turkey's justice minister and interior minister for not releasing USA pastor Andrew Brunson.

Erdogan said buying the lira was a patriotic duty for Turks, in what has become an "economic war" against foreign powers, most likely referring to the US.

"You can never bring this nation in line with the language of threats", Erdogan told a crowd of supporters in the Turkish town of Unye on the Black Sea coast.

More news: Arsenal fans lose patience with Emery

On Saturday he repeated his call to Turks to help support the lira to win what he described as a "war of independence".

Despite Trump's insistence, Turkey has not budged in freeing American pastor Andrew Brunson, who has been detained by Turkey for nearly two years on charges that he was working with a terrorist organization and was a spy.

He also said it was a pity that Washington chose Brunson over Turkey, its partner in North Atlantic Treaty Organisation, and in an opinion piece published in the New York Times, he warned the USA that Ankara had other alternatives as allies.

UBS chief economist for EMEA emerging markets Gyorgy Kovacs said a giant rate hike of 350-400 basis points would be "consistent with real rate levels that in the past helped to stabilise the currency" but warned a deal to normalise ties with the U.S. may also be needed.

To understand how all of these pieces fit together, we'll start with some basic facts about trade between the United States and Turkey.

The two North Atlantic Treaty Organisation allies have been at odds since the defeated coup, which Ankara accused USA -based Fetullah Gulen and FETO of masterminding.

The prospect of a deal for Brunson's release appeared high as Turkish officials traveled to Washington this week, but the deal apparently fell apart over last-minute Turkish demands.

Erdogan replied that Turkey will not back down despite Trump's sanctions policy and said he would answer with mirror retaliation.

Erdogan also Friday held telephone talks with Russian President Vladimir Putin, discussing economic and trade issues as well as the Syria crisis, the Turkish presidency said.

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