Turkey Lira crisis in pictures: Locals sell wealth to save currency

Turkey Lira crisis in pictures: Locals sell wealth to save currency

Friday morning, President Trump tweeted about the situation with Turkey, announcing further tariffs and noting that relations between the USA and Turkey are "not good". A 20 percent fall in exports would only reduce GDP by 0.1 percentage point or less per year in the 19 countries that use the euro currency.

Last week, the United States imposed sanctions on Turkey's justice minister and interior minister for not releasing pastor Andrew Brunson. Trump wrote. "Aluminum will now be 20% and Steel 50%". High level meetings in Washington between US and Turkish officials ended this week without an apparent resolution.

The unorthodox approach of the president, who has dominated Turkish politics for more than 15 years, has unnerved investors who have voiced concerns over Turkey's authoritarian trajectory under Erdogan.

"The dollar, the mollar, will not cut our path", said Erdogan, adding Turkey had alternatives "from Iran, to Russian Federation, to China and some European countries".

A almost hour-long presentation on Turkey's new economic policy by Treasury and Finance Minister Berat Albayrak - Erdogan's son-in-law - also did little to limit the currency's free-fall.

A "gigantic rate hike" of at least 500 basis points to calm markets and a clear commitment from the Central Bank of Turkey to support the currency could help halt the decline, Hordijk said, adding, "Another bandage to stop the lira from bleeding to death would be capital controls, but Erdogan opposes these measures".

Turkish newspaper Hurriyet and other media reports quote Erdogan as making the comment to a group of worshippers following traditional Muslim Friday prayers during a visit to the northern city of Bayburt.

U.S. President Donald Trump further escalated tensions with Turkey Friday by announcing a sharp increase in tariffs on steel and aluminum imports in an early morning post on Twitter.

Yep, Some NFL Players Knelt Last Night...and Yep, Trump Responded
Over the past year, he has tweeted about the NFL or the importance of standing during the national anthem a total of 38 times . This is simply not true. "They are eloquent and articulate, and they've explicitly said why they are protesting".

Maryland mom tests positive for opiates after eating poppy seed bagel
Joseph Medical Center routinely tests new mothers for opiates to identify possible at-rusk infants, Dr. Department of Agriculture says . "It's not very common, but it can happen", Nelson told Live Science.

Donald Trump Authorizes More Steel and Aluminum Tariffs on Turkey
After he spoke, Mr Trump tweeted that aluminium tariffs "with respect to Turkey" would be raised to 20% and steel to 50%. Q: What is Erdogan proposing to do? Ankara blames for an attempted coup in 2016. 'This is a national, domestic battle.

"The dollar can not block our path".

Turkey's sovereign dollar-denominated bonds tumbled with many issues trading at record lows.

Trump's Friday tweet caused a further drop in the Turkish currency.

A money changer counts Turkish lira banknotes at a currency exchange office in Istanbul, Turkey August 2, 2018.

Ankara and Washington, NATO allies, have been at loggerheads over the detention in Turkey of USA evangelical pastor Andrew Brunson on terrorism charges, prompting United States sanctions on two of Erdogan's ministers and threats of trade restrictions.

Turkey was facing artificial financial volatility, Erdogan said, and people should look to the "big picture" instead of foreign exchange prices. The White House said he had authorized them under Section 232 of USA trade law, which allows for tariffs on national security grounds.

Investors piled into "safe" government debt, with German yields hitting three-week lows and the yield on the benchmark US 10-year Treasury note falling to 2.88822 percent.

Berat Albayrak, the Treasury minister and Mr Erdogan's son-in-law, is due to announce a "new economic model" for Turkey... "On some days, I end the day with a loss".

Related Articles