Erdogan Claims Lira Plunge a 'Political Plot' Against Turkey

13 August, 2018, 02:21 | Author: Darnell Patrick
  • Emerging market borrowing costs continue to climb

We look the issue straining relations between the USA and Turkey.

Brunson and his wife Norine were imprisoned in October 2016, three months after that coup attempt in Turkey, for their alleged links to the movement of religious leader Fethullah Gulen and the Kurdistan Workers' Party.

"Aluminum will now be 20 percent and Steel 50 percent".

"The entire Turkish public is against US policies that disregard Turkey's legitimate security demands".

Independent analysts argue the central bank instead should raise rates to tame inflation and support the currency.

Earlier Saturday, Erdoğan said that Turkey was preparing to increase trade with its top trade partners such as China, Russia, Iran and Ukraine in local currencies instead of the USA dollar, adding that it was also ready to do the same with European countries. However, investors fear that the economy is overheating and could be set for a hard landing.

Turkish President Recep Tayyip Erdoğan has sharply criticized the United States decision to double tariffs on Turkish steel and aluminum imports, calling the move as an "operation" and portraying the plunge in the Turkish currency's value as an "economic war" against Turkey. But since adopting increased powers, Erdogan appears to have greater control over the bank as well.

Erdogan had on Friday held a phone call with Russian President Vladimir Putin to discuss economic and trade issues as well as the Syria crisis. Do not take a stance saying, "We are bankrupt, we are done, we should guarantee ourselves.' If you do that, that would be wrong. This is a domestic and national struggle".


"If you pressure us through the dollar, we will look for other ways to carry out our works", he said.

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 - but said the action plan was ready.

Asked about the likelihood of a meeting with U.S. officials, including Pompeo, on the sidelines of the United Nations General Assembly, Zarif said: "No, no such meeting is planned. As the currency drops, Turkish companies and households with debt in foreign currencies see the cost of repaying those loans expand.

Aylin Ertan, a 43-year-old caterer in Ankara, said she was concerned over the future of her small business.

"I am specifically addressing our manufacturers: Do not rush to the banks to buy dollars", he said.

Turkey's woes also shook world markets, pushing down stock indexes.

"Unless the United States starts respecting Turkey's sovereignty and proves that it understands the dangers our nation faces, our partnership could be in jeopardy", he wrote.

The euro sagged to a 13-month low against the dollar on concerns that European banks operating in Turkey could suffer losses.

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