Turkish Lira Continues it Freefall

14 August, 2018, 22:46 | Author: Kevin Carter
  • Traders work on the floor of the NYSE in New York

Turkish President Recep Tayyip Erdogan said today that the collapse in the value of the Turkish lira was a political plot against the country.

A US pastor standing trial in Turkey on terrorism charges has appealed again to a Turkish court to release him from house arrest and lift his travel ban, his lawyer told Reuters on Tuesday.

The dispute between the North Atlantic Treaty Organisation allies - brought to a new intensity by Turkey's holding of an American pastor for two years - has raised questions over the future of their partnership and fanned fears of a looming economic crisis in Turkey.

"There is a cost for those who are plotting the operation" against Turkey, Erdogan said in the first of two speeches in Ankara, without specifying when the boycott would start or how it would be enforced.

Brunson, who has been held since 2016, faces up to 35 years in prison on charges of allegedly aiding Kurdish separatists and a group that Erdogan blames for a failed 2016 coup attempt against him.

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The US imposed sanctions against Turkey and President Trump has doubled steel and aluminium tariffs on Turkish imports.

Liberty Times that four major Taiwanese companies are likely to be on the losing end of investments and ventures in Turkey if the USA sanctions are implemented and maintained for any significant amount of time.

Addressing a conference in Ankara gathering Turkish ambassadors, Mevlut Cavusolgu on Monday called on the United States to "remain loyal to ties based on traditional friendship and North Atlantic Treaty Organisation alliance" with Turkey. Brunson has vehemently denied the charge, claiming that as an Evangelical Christian, he has never had any desire to join an Islamic or Marxist atheist association.

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He said: "If they have the iPhone, there is Samsung elsewhere".

"We (also) have our Venus and Vestel", he said about homegrown Turkish electronics brands.

While tensions with the USA need to be resolved, the main problem in Turkey is "a lack of market-friendly officials that have experience with markets".

The U.S. dollar tumbled more than 5 percent against Turkish lira on Tuesday, falling to 6.4591 after opening the day at 6.8839.

Additionally, the lira is facing ongoing pressure with geopolitical tensions between the US and Turkey heightening after negotiations over the detention of a USA pastor in Turkey took more steps backward than forward.

It did not provide information on the accounts but said they aimed to "manipulate the dollar rate and form negative perceptions" concerning the Turkish economy. "I believe in my nation", Erdogan vowed, the New York Times reported.

"Turkey's massive pile of corporate debt denominated in foreign currencies, but a rapidly sliding currency - and inflation that's threatening to go exponential - is a toxic combination". The lira stabilized after investors after US and Turkish officials resumed talks. It rebounded on Tuesday as Turks sold dollars.

Erdogan has said that he thinks the lira would stabilize, but investors are not convinced.

The State Department warned Turkey in June that its plan to purchase these planes could be hurt if it continued with its plan to also buy Russian S-400 missiles.

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