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.

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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.

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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!"

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