Turkey promises to calm market jitters over lira nosedive

People stand next to a digital billboard giving updates on currencies and the Turkish stock exchange in Istanbul. AFP

The United States and Turkey are in disagreement over the Syria conflict and over the fate of Turkish preacher Fethullah Gulen, who is in exile in the USA and whose extradition Ankara has requested over his alleged role in the failed July 2016 coup.

Erdogan has remained defiant throughout the crisis, portraying the lira's slide as the outcome of economic sabotage against Turkey, while urging his citizens to sell dollars and gold to support the local currency.

Days later, the U.S. imposed sanctions against Turkey's interior and justice ministers using legislation drawn up to punish foreign officials following the death of a lawyer in Russian jail.

Turkey scrambled a delegation to Washington last week to stave off the crisis but no deal has been reached.

Apple, iPhone, and iPad are trademarks of Apple Inc., registered in the US and other countries.

The US imposition of sanctions "is causing capital inflows to dry up", said economists from Capital Economics. "We have not made concessions on justice so far, and we will never make any". There is no economic reason ... "This a plot to force Turkey to surrender in every field from finance to politics, to make Turkey and its people to kneel down".

But Mr Paulsen warned the Turkish lira meltdown could trigger a "crisis" in global markets. "Doing business with the USA is like sleeping with a python: you don't know when you're going to get bit".

In addition, Erdogan also threatened the United States to "start looking for new friend and allies", if the row isn't resolved soon.

Erdogan appeared to indicate that the entire alliance between Turkey - which joined North Atlantic Treaty Organisation in 1952 with strong American backing - and the USA was at stake.

The lira crisis therefore - at the very least - reflects the political and economic turmoil taking place in Turkey.

Turkey signaled a clampdown on news and social media, with officials including the public prosecutor warning that criticism may be viewed as "economic attacks" on the country.

Albayrak, who is Erdogan's son-in-law, didn't specify what the plan would involve.

More news: Two Koreas plan third summit of Kim, Moon next month

Albayrak also announced a plan has been prepared for banks and the real economy, including small to mid-sized businesses which are most affected by the foreign exchange fluctuations.

The Turkish lira has nosedived over the past week, accelerating a months-long decline, and tumbled another 7 percent on Monday as the central bank's measures failed to restore market confidence.

Erdogan rejected speculation that Turkey would seek a rescue package from the International Monetary Found.

Trump's decision to double USA tariffs on Turkish steel and aluminium has only exacerbated the situation.

He alluded to multifaceted rows, including U.S. sanctions and Turkey's estrangement within North Atlantic Treaty Organisation. "This is called carrying out an operation against Turkey", he told reporters on Sunday, Aug. 12.

Japanese currency traders, who tend to be contrarian, continued to buy the lira even as it lost value.

The fall out showed no signs of abating as US President Donald Trump approved doubling tariffs on Turkish steel and aluminium while Mr Erdogan has vowed to retaliate.

The Turkish lira has fallen over 82 percent since January.

Turkey has weathered several tough economic crises over the decades.

The Turkish newspaper Daily Sabah reported last week that the Bank of China Turkey Inc., the Turkish subsidiary of the state-owned Bank of China (BOC), would help issue Chinese-yuan denominated bonds for the government before the end of the year.

Trump also declared that, "Our relations with Turkey are not good at this time!"

Related News:

  • On Charlottesville Anniversary, Trump Condemns 'All types Of Racism'

    On Charlottesville Anniversary, Trump Condemns 'All types Of Racism'

    The violence culminated with a man driving a vehicle into a crowd of counter-protesters, killing a woman and injuring 19 people. The senator said he laid out his "opportunity zones" legislation.
    NASA spacecraft blasts off toward sun for closest look yet

    NASA spacecraft blasts off toward sun for closest look yet

    It'll fly just over 6 million km from the surface - protected from the searing temperatures by a revolutionary new heat shield. Eugene Parker is a University of Chicago professor emeritus in physics who first proposed the concept of the solar wind .
    Impossible to ignore Cup Series' 'Big 3 — NASCAR at MI

    Impossible to ignore Cup Series' 'Big 3 — NASCAR at MI

    Larson's three-race MI win streak ended with the last visit to the track. 1 time for 25 laps; Kyle Busch 3 times for 22 laps; D. You don't go back after a win and sit on your hands and not do anything and talk about how good you were.
  • Man Arrested After Car Crashes Into Parliament

    Man Arrested After Car Crashes Into Parliament

    I turned around and I saw a silver vehicle driving very fast close to the railings, maybe even on the pavement", she said. Scotland Yard have said a man has been arrested. "I was walking on the other side [of the road].
    Democrats' hope of taking the House could hit roadblock in Minnesota

    Democrats' hope of taking the House could hit roadblock in Minnesota

    The latest vote count Friday widened Sarah Smith's lead over her Republican opponent, yet she is still behind the incumbent. Sarah Smith has previously said that she shares many opinions as her Democratic colleague Adam Smith who now holds the job.
    The Omarosa News Cycle Is Everything Wrong With Coverage Of Trump

    The Omarosa News Cycle Is Everything Wrong With Coverage Of Trump

    She acknowledges she had never been able to obtain or hear the tapes but said three unnamed sources had described their contents. But speaking on the NBC show Meet The Press yesterday, Ms Newman said that she had heard a tape of Mr Trump using the "n-word".
  • Trump signs defense bill named for John McCain

    Trump signs defense bill named for John McCain

    "We will replace aging tanks, aging planes and ships with the most advanced and lethal technology ever developed", Trump said. Turkey's removal from the F-35 programme was taken out of the bill by the Congressional Conference Committee.
    Tiger Woods in 'uncharted territory' after rising from rock bottom

    Tiger Woods in 'uncharted territory' after rising from rock bottom

    Meanwhile, Koepka was making back-to-back birdies at 15 and 16 to get to 16 under and seize control of the tournament. Perhaps the most shocking thing about Woods' score on Sunday was the fact he was utterly helpless off the tee.
    The Doom Eternal Gameplay Trailer Is As Brutal As Expected

    The Doom Eternal Gameplay Trailer Is As Brutal As Expected

    Invade others either by yourself or with another player, as part of a hunting party, to give the Slayer a true taste of Hell. A small concession for those who prefer careful, practiced aiming to Doom's typical run-and-gun format.
  • Meghan Markle's Dad Reveals He Was Colluding With Paparazzi And Staging Photos

    Meghan Markle's Dad Reveals He Was Colluding With Paparazzi And Staging Photos

    The former Kate Middleton also had a royal moment years before she would meet Prince William at the University of St. But they will only react and reach out to dad-of-three Thomas when Meghan signals that she is ready to speak to him.
    Manchester City's Pep Guardiola not fazed by title-favourites tag

    Manchester City's Pep Guardiola not fazed by title-favourites tag

    Kevin Kilbane believes that Liverpool FC will be Manchester City's closest challengers for the Premier League title this season. Manchester United boss Jose Mourinho lauded Liverpool for its acquisitions and said The Reds should contend for the title.
    Paul Pogba, Jose Mourinho, Ed Woodward

    Paul Pogba, Jose Mourinho, Ed Woodward

    Mourinho even warned, as the window drew to a close, the club was is in for a hard season if no more deals came over the line. But it was when he was asked whether he was happy at Old Trafford that Pogba gave a rather extraordinary answer.


Most liked

FC Barcelona President Refuses To Rule Out Paul Pogba Move
Manchester United beat Leicester City 2-1 Friday night in spite of all the drama that now surrounds the club. There are still 20 days left, we will see which players can leave and which players can come.

Cal Fire: Utah Firefighter Dies Battling Ranch Fire
Firefighters monitor a back fire as they battle the Medocino Complex fire on August 7, 2018 near Lodoga, California . The man accused of deliberately starting the fire appeared in court on Friday, but his arraignment was postponed.

Anthony to sign with Rockets Monday
The Rockets fell one win short of the NBA Finals, dropping the Western Conference Finals to the Warriors in seven games. The Hawks had traded for Anthony in a three-team deal with the Oklahoma City Thunder and the Philadelphia 76ers.

Truth Behind Pogba's Rumored Transfer From Manchester United
At the last count the Nou Camp dwellers have sealed deals for the likes of Arthur Melo, Clement Lenglet, Malcom and Arturo Vidal. Paul Pogba is undoubtedly one of the best players at Manchester United .

Turkish lira crisis gets worse with fresh 11% plunge
Erdogan said his country would begin to seek new partners, following what he described as a "political plot" against Ankara. The lira did find a sliver of support when Turkey's central bank said it had lowered reserve requirement ratios for banks.

Trudeau: Canada will not back down from criticism of Saudi Arabia
I'd like to think that standing up against human rights violations would gain similar support, but such is not the case. If Canada had concerns it should have raised them directly with Saudi Arabia, not in public, he added.

Florida man charged after 'stand your ground' shooting
McGlockton came outside, approached Drejka and shoved him to the ground, surveillance video shows. Gualtieri said detectives from his office took Drejka into custody pursuant to an arrest warrant.

Hundreds injured as platform collapses at Spanish festival
Five people were seriously injured in the incident at the " O Marisquiño " event at the weekend. "The floor [of the platform] dropped like a lift".

Resurgent Tiger Woods electrifies in 2nd-place finish at the PGA Championship
While he bogeyed the fifth and then followed a birdie at the ninth with a three-putt at the 10th before fighting back. Thomas Pieters, who played well in the 2016 defeat, shot back to prominence with a sixth-place finish at the US PGA .

Trump encourages boycott against Harley-Davidson
His administration has battled against eliminating tariffs and trade barriers that harm the interests of the United States. A really bad move! 'Most other companies are coming in our direction, including Harley competitors.

Ditch support for Iran nuke deal, US ambassador urges Britain
The US will also sanction companies in third countries, such as Morocco, from trading both with Iran and the US. She recorded her disappointment, but avoided leveling personal criticism.

Iran's Khamenei bans holding direct talks with United States
The sanctions target Iran's trade in gold and other precious metals, its purchases of USA dollars and its auto industry. Ayatollah Ali Khamenei's remarks were carried by Iran's state television Monday.

Fallout 76 is completely changing how perks work
It is apparently possible, however, to acquire cards which players can not equip until they reach a higher level. However, they will drop all the junk that they are carrying, which is the resource that is used for crafting.

FBI Fires Peter Strzok, Agent Removed From Russia Investigation Over Trump Texts
Goelman said that the deputy director "departed from established precedent by firing" Strzok. Each was referred to the FBI for possible violations of the bureau's code of conduct.

Turkish lira pulls back from record low of 7.24, rattles global markets
The South African rand was down 1.5 percent, after earlier falling over 10 percent to a more than two-year low in earlier trading. The latest trigger was Donald Trump's announcement that he would double import tariffs on Turkish steel and aluminium.