Turkey doubles tariffs on US imports, lira gains 6% on central bank's moves

The rebound of lira of around 6%, came after the central bank squeezed lira liquidity in the market, effectively pushing up rates and supporting the currency

Turkey doubled tariffs on some US imports including alcohol, cars and tobacco on Wednesday in retaliation for US moves, but the lira rallied further after central bank's liquidity moves had the effect of supporting the currency.
 

Ankara acted amid increased tension between the two NATO allies over Turkey's detention of a Christian American pastor and other diplomatic issues, which have helped send the lira tumbling to record lows against the dollar.
 

The currency has lost more than 40 per cent against the dollar this year, driven by worries over Erdogan's growing influence over the economy and his repeated calls for