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The first vulnerability to which the International Monetary Fund draws attention is the large amount of Turkey's debt that is USA dollar-denominated and that is subject to valuation risk.

While still nominally allies, the US and Turkey's relationship is continuing to fall apart amid new economic penalties in the continued fight over an American pastor detained in Turkey.

Some 750 to 1,000 investors from the U.S., Europe and the Middle East are expected to participate in the meeting.

Erdogan showed no signs of heeding their advice, calling on Tuesday for a boycott of U.S. consumer electronics.

Even though a meeting between National Security Adviser John Bolton and Turkey's USA ambassador on Monday yielded no public progress, the White House is now leading the talks with Turkey over Brunson's release and a host of other issues that have dragged down the alliance.

Tensions between the two North Atlantic Treaty Organisation allies have intensified amid a dispute over the detention of Andrew Brunson, whom Turkey accuses of aiding a failed coup.

In addition, the USA has placed sanctions on two Turkish ministers over the arrest of an American pastor who is charged with having links to terrorism.

Turkish President Tayyip Erdogan attends a news conference in Ankara, Turkey, Aug. 14, 2018.


Turkish President Recep Erdogan has confirmed that his country will boycott USA electronic goods, including Apple's flagship iPhone device - which was helpful in saving his regime in 2016. "If [the US] has the iPhone, there's Samsung on the other side", Erdogan was reported as saying. "The administration is going to stay extremely firm on this", the official said.

Turkey has accused the U.S. of waging an "economic war" as part of a plot to harm the country.

The row with Washington has helped drive the lira to record lows, with the currency losing more than 40 per cent of its value against the dollar this year, prompting central bank liquidity moves to support it.

Turkish President Recep Tayyip Erdogan on Tuesday warned that his country would boycott electronic goods from the USA, after Washington imposed punitive sanctions on Ankara over the latter's refusal to extradite a jailed American pastor.

The war of words between Turkey and the United States has escalated significantly in the past week as the U.S. calls for the release of an American evangelical pastor.

The diplomatic dispute has sent shockwaves through financial markets across the world as the plunging lira causing currencies in other developing countries to nosedive. This has raised concerns over the central bank's independence given the president's repeated statements against raising interest rates.

Even in Turkey, iPhones are more popular. The lack of interest-rate action has coincided with a marked worsening of Turkey's relations with the US.

"In the end, it doesn't make economic sense for him, it doesn't make political sense for him, to deny his people the best products that they're used to", Rao said.


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