October 14, 2019 / 4:47 AM / a month ago

Turkey's lira flat after Trump threat of "powerful" U.S. sanctions

ANKARA, Oct 14 (Reuters) - Turkey’s lira stood at 5.8985 against the U.S. dollar on Monday, little changed from Friday’s close, after U.S. President Donald Trump said he was working on “powerful” sanctions against Turkey over its offensive into northeastern Syria.

The lira closed the week at 5.8850 on Friday, as Turkey pressed on with a cross-border operation against Kurdish militants in northeastern Syria, after Trump decided to withdraw some U.S. troops from the region and opened the way for Ankara’s incursion.

On Friday, U.S. Treasury Secretary Steven Mnuchin said that Trump had authorised “very powerful” sanctions targeting Turkey, which Turkey said it would retaliate in kind. On Sunday, Trump said that he was working with members of Congress on imposing “powerful” sanctions on Turkey.

Reporting by Tuvan Gumrukcu; Editing by Kim Coghill

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