Turkish lira plunges as Erdogan blames crash on 'political plot' against Ankara

13 August, 2018, 06:28 | Author: Billie Castillo
  • A vendor gets a five Euro bank note from a customer at the central market in Athens

Washington in response sanctioned two Turkish ministers, and Mr. Trump on Friday announced the United States was doubling tariffs on steel and aluminum imports from Turkey, saying relations with Ankara were "not good at this time".

In an interview with Hurriyet newspaper published online, Albayrak described the lira's weakness as "an attack", echoing President Tayyip Erdogan - who is his father-in-law - and said the action plan was ready.

Still, he went on to state Turkey acted on its own in the past despite U.S. objections, such as in its invasions of Northern Cyprus in 1974 and Afrin this year in Syrian Kurdistan.

Turkey is facing a deepening economic crisis, as the Lira fell sharply by about 22% in Friday's early morning trading and the yields on government debt rose further, said a press statement by the Central Bank of Egypt (CBE) on Friday, adding that doubling the tariffs applied to Turkish aluminium and ssteel coincide with the Turkish delegation's failure to reach a compromise with the United States authorities.

The Turkish stock market has also fallen 17%, while government borrowing costs have risen to 18% a year, according to Andrew Walker, the BBC World Service economics correspondent. "We will continue increasing our exports", he said.

President Recep Tayyip Erdogan also said that Turkey would prepare to trade with its key partners in local currencies so that it and its allies would not be dependent on the dollar.

Trump said Friday on Twitter that he authorized a new 20 percent tariff on aluminum and 50 percent tariff on steel from Turkey.

The lira lost about 40 percent of its value against the United States dollar this year and, to reduce its volatility, Ankara has prepared an urgent action plan.

Turkish President Recep Tayyip Erdogan on Saturday branded interest rates a "tool of exploitation" which should be kept as low as possible.

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It came as a Turkish delegation returned from the United States, reporting no progress on negotiations involving a USA pastor imprisoned in Turkey.

"It is wrong to dare bring Turkey to its knees through threats over a pastor", Erdogan said in the Black Sea town of Unye. The White House said he had authorised them under a section of U.S. trade law that allows for tariffs on national security grounds.

Ankara wants the United States to extradite Fethullah Gulen, a Pennsylvania-based cleric who Turkish authorities say masterminded the 2016 coup attempt in which 250 people were killed.

"We know very well that the issue is not the dollar, the euro or gold". Gulen has denied the allegation.

A Turkish court has transferred Brunson to house arrest after nearly 20 months in jail.

His cause resonates with Trump's Christian conservative supporters, who could be influential as Republicans seek to retain control of Congress in midterm elections in November.

Last week, a Turkish delegation went to Washington and met with US counterparts, but there was no breakthrough.

According to the Wall Street Journal, the fall in the TRY in the face of increased U.S. tariffs on aluminum and steel raises uncertainty for investors in emerging markets.

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