Turkey to take action on Monday to ease market fears

Turkey to take action on Monday to ease market fears

In what appears to be a diplomatic riposte, Turkey later said Erdoğan had held a phone call with Russian president Vladimir Putin to discuss economic ties, suggesting it might gravitate further away from its North Atlantic Treaty Organisation allies toward cooperation with Russia, whose relations with the west are at their lowest since the cold war.

Turkish President Recep Tayyip Erdogan is appealing for calm as the country's currency plunges, urging people to change foreign money into local lira.

The Turkish lira on Friday hit a record low following President Donald Trump's announcement he was doubling USA tariffs on Turkish metals.

Analysts say that while Washington's sanctions against Ankara sparked the immediate crisis, Turkey's economy has been risking trouble for a while due to high inflation and the weak lira. "You are exchanging your strategic partner in North Atlantic Treaty Organisation for a priest".

The White House said the newly imposed sanctions would take effect from August 13. "We care about the law, the language of the law", he said about the U.S. policy during a rally in the Black Sea city of Ordu hit by floods that harmed hundreds of homes and businesses.

"The basic reason the exchange rate has gone off the rails is that confidence in the management of the economy has disappeared both domestically and overseas", said Seyfettin Gursel, a prominent economist and a professor at Turkey's Bahcesehir University. "If there are euros, take these out ... immediately give these to the banks and convert to Turkish lira and by doing this, we fight this war of independence and the future".

He said high foreign exchange rates were being used as a weapon against Turkey.

Against the USA dollar, the euro touched its lowest since July 2017 at $1.13715 (EUR=D3).

He railed against "those waging economic war" against Turkey.

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In a Friday opinion piece for the New York Times, though, he used a milder tone to restore ties before it is too late, reminding of long-standing relations the United States established with Turkey over half a century ago upon its accession into North Atlantic Treaty Organisation.

The United States is the biggest destination for Turkish steel exports.

Turkish President Recep Tayyip Erdogan said at a rally in the city of Rize on Saturday that Ankara is ready to trade with its partners in national currencies.

The sanctions will freeze the USA assets of Turkey's minister of justice, Abdulhamit Gul, and its minister of interior, Suleyman Soylu.

Turkey has drafted an action plan and its institutions will start taking necessary steps on Monday morning to ease financial markets' concerns, Finance Minister Berat Albayrak said, after the lira plunged last week.

"The US has to rehabilitate its addiction to sanctions [and] bullying or entire world will unite - beyond verbal condemnations - to force it to. Look at what we were 16 years ago and look at us now", a reference to his terms as prime minister and president.

Erdogan Friday held telephone talks with Russian President Vladimir Putin, discussing economic and trade issues as well as the Syria crisis.

The latest escalation between Ankara and Washington was denounced by the Turkish press, with pro-government daily Sabah saying "the currency attack" was no different from the attempted coup of July 2016. For one, the 2016 detention of an American evangelical pastor named Andrew Brunson, has aggravated tensions.

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