Erdogan vows to defy United States ‘threats’ after currency crash

Erdogan vows to defy United States ‘threats’ after currency crash

Erdogan vows to defy United States ‘threats’ after currency crash

The situation was compounded on Friday when US President Donald Trump tweeted that he had authorised a doubling of tariffs on steel and aluminium.

Mr Erdogan also wrote in the New York Times that unless the U.S. changed course, Turkey would look for new friends and allies.

The United States slapped sanctions on two Turkish officials earlier this month over a detained American pastor who is being tried on espionage and terror-related charges.

In an op-ed published in New York Times, Erdogan warned Washington not to risk its relations with Ankara, saying otherwise it would look for "new friends and allies". "The tweet is mightier than the Turkish sword", Cristian Maggio, head of emerging markets strategy at TD Securities, said in a note to clients, with reference to Trump's comments.

Albayrak is the Turkish President Recep Tayyip Erdogan's son-in-law. "Hopefully we will overcome this disaster and we will also successfully overcome this economic war", Erdogan said.

"Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks".

"This is a domestic and national struggle", Erdoğan said, according to The Associated Press.

Economic experts believe the sharp fall of the lira is mainly because of concerns about the government's economic policies.

Turkish President Recep Tayyip Erdogan said in a speech that the drop was part of a "campaign" led by foreign powers against the nation.

What possible reason could there be behind the lira which was at 2.8 against dollar in July 15, 2016 to slide below 6 yesterday?

The lira, which has lost a third of its value this year, fell on his comments and was trading at around 6.05 to the dollar after he spoke, almost 9 percent weaker on the day.

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Unfortunately for the South African Rand, it appears that their own currency might now be in the hands of Turkish President Erdogan. "We are knowledgeable with justice and law", Erdogan said in his address in the Black Sea province of Ordu.

One of the hard issues affecting U.S.

The new duties on Turkey are double the level that Trump imposed in March on steel and aluminium imports from a range of countries.

Brunson denies the charge and his cause resonates with Christian conservative supporters of Trump, who could also be influential as Republicans seek to retain control of Congress in midterm elections in November.

President Trump seems to think that Turkey has been trying to take advantage of us by having an economic crisis that's sent their currency tumbling.so he's taken steps to make it tumble even more?

He also condemned as "unacceptable, irrational and ultimately detrimental", the sanctions imposed by the U.S. on several Turkish cabinet members over the Brunson issue.

Erdogan's "tight grip" on the central bank and the fact "higher interest rates do no fit with Turkey's economic growth strategy" meant that the central bank has kept interest rates on hold, Nora Neuteboom, economist at ABN Amro, told AFP. As the currency drops, Turkish companies and households with debt in foreign currencies see their debts expand. Rate increases are the central bank's main tool to support the currency and fight inflation.

Coupled with an inflation rate of almost 16 percent, that could cause a lot of damage to the local economy.

'The price of the food that I buy increases day by day, the fuel that I put in my auto to distribute lunches is more expensive, but I can not raise my prices from one day to the next, ' she said.

Paul Greer at Fidelity International said dramatic interventions were now needed as Turkey faced a "downward spiral" of investor confidence. At one point, it was down as much as 19 percent on the day, before rallying a bit to bring it to "only" a 13.7 percent loss.

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