Erdogan calls on Turkey to 'boycott' iPhones and other U.S. electronic goods

Britain’s FTSE dips as Turkey’s lira crisis shakes world markets

"We will boycott American electronic products", Erdogan said, adding that Turkey would produce a better version of every product previously bought with foreign currencies and export them.

Financial markets are now waiting to see what Turkey does next, after a raft of measures unveiled Monday did little to stem the tide. "You act on one side as a strategic partner but on the other you fire bullets into the foot of your strategic partner", he said. The South African rand lost more than 10 percent today, recovering slighty to 14.51 to the dollar, while the Indian rupee hit an all-time low of 69.62 to the dollar before recovering to 69.695 right after the Turkish Central Bank said it would provide liquidity.

"They discussed Turkey's continued detention of Pastor Andrew Brunson and the state of the US-Turkey relationship", said the statement. Turkey refused to release an American pastor who has been in detention in Turkey for almost two years now. "We will respond to those, who declared trade war on the entire world and included Turkey in it, by steering towards new alliances, new markets", he said. We have Vestel in our own country. That creates an awkward triangle, given that Turkey is a Nato member, Russian Federation is NATO's number one threat and the organisation is obliged to defend any member that is attacked.

What is happening to the lira?

Investors are now fretting over potential economic contagion with the Turkish lira.

Turkey's economy has been under punitive sanctions from the United States over the ongoing detention of a U.S. pastor, Andrew Brunson. That helped Turkey's economy, which grew at 7 percent a year ago. Meanwhile, inflation has hit 15 percent. Its drop of as much as 18 percent on Friday hit European and USA stocks as investors fretted about banks' exposure to Turkey.

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During another part of the exchange, the man said he said he did not want to land at a nearby military base. Airport officials said the airline employee had "conducted an unauthorised takeoff without passengers".

Markets were also somewhat soothed by Turkey's central bank loosening cash buffer requirements for the country's banks and its finance minister setting up a call with investors.

"Turkey does not trigger such a devastating series of crises in other emerging markets that the combined impact could dent growth in the developed world in a meaningful way", said Holger Schmieding, an economist with Berenberg Bank.

After falling to a 21-month low on Monday, euro zone bank stocks rose 0.8 per cent versus a 0.4 percent gain by the pan-European STOXX 600 cross-sector benchmark.

What are Turkish officials doing about the lira?

The global financial markets are demanding that the Turkish central bank raise interest rates-a step that Erdogan has resisted-and that sweeping austerity measures be imposed. He has used his new power to put pressure on the central bank to not raise rates.

It was unclear how Erdogan meant to enforce the boycott. Instead of taking drastic action to shore up confidence, such as raising interest rates or going to the International Monetary Fund (IMF), the government is couching itself in nationalistic rhetoric of sacrifice.

It was unclear whether Erdogan's call was widely heeded, but a Turkish news agency said traders in Istanbul's historic Eminonu district converted $100,000 into lira on Tuesday.

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