Turkish President Erdogan says collapse in lira a plot against the country
14 August, 2018, 22:49 | Author: Corey Lynch
The Turkish lira continues to rapidly depreciate in value against the USA dollar after the Trump administration announced it was doubling tariffs on Turkish steel and aluminum last week.
The Turkish central bank has pledged to take "all necessary measures" to stabilize the country's economy to make sure the banks have all the money they need.
Erdogan, who gained sweeping new powers following his re-election in June, said rumors had been spread that authorities might impose capital controls in response to the slump in the currency, which tumbled as much as 18 percent on Friday alone. Overall this year, the lira has lost more than 40 percent against the dollar.
While Asian emerging markets are relatively isolated from what's happening in Turkey, foreign investors that have bond exposure to the country may have also cut holdings in other developing nations to offset losses or hedge their position, said Maximillian Lin, an emerging-market Asia strategist at NatWest Markets in Singapore.
"After a large sell-off triggered by the rout in Turkey, some investors may have bought emerging currencies on dips", said Toru Nishihama, Tokyo-based emerging-market economist at Dai-ichi Life Research Institute Inc.
Angered by the continued detention of an American pastor, the US government imposed sanctions on two Cabinet ministers and threatened more. It stabilized Tuesday with a rise of about five percent.
Albayrak also said a plan has been prepared for banks and the real economy sector, including small to mid-sized businesses, which are most affected by the foreign exchange fluctuations.
The man at the center of Turkey'scurrency crisis and feud with the United States - President Recep Tayyip Erdogan - is unleashing the same combative rhetoric that powered him through other grave challenges in his 16 years as the increasingly authoritarian leader of a key North Atlantic Treaty Organisation ally.
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. "What do you want to do?"
An American Christian 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 concerns are ongoing in the market but it is possible to mention a limited optimism for the first time in a while", a foreign exchange trader said.
Turkey's influential business groups have called on the government to implement tighter monetary policy to help overcome the country's currency crisis. "This is called carrying out an operation against Turkey". Infuriated by the move, which Washington said was insufficient, Trump sanctioned two Turkish ministers and doubled tariffs on metal imports, adding to lira's slide.
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The fund did not immediately respond to a request for comment. "So the potential investor must be patient and strategic-looking". Musk's tweet stunned investors, with many raising questions about his claim that funding for the venture had been secured.
Interestingly, Tiger's thrilling second-place finish at Bellerive moved him all the way up to 11th spot in the rankings. Over a wild first nine holes, Woods didn't hit a single fairway off the tee but got up and down from everywhere.
Crude oil continues to rise bullish as traders remained anxious over revived US sanctions against major crude exporter Iran. An earlier report from industry group the American Petroleum Institute had suggested inventories fell by 6 million barrels.
Diplomatic relations between the United States and Turkey have declined since the failed 2016 Turkish coup. Brunson, 50, was arrested in 2016 but was recently released from prison and put under house arrest .
Paul Merson is backing Tottenham Hotspur to finish in fourth place ahead of Arsenal in the Premier League table this season. To keep our best players was our objective and goal and we have achieved that - at the moment.
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Ayew, who has 11 goals in 49 appearances for Ghana, scored 11 times for Swansea last season as he impressed in a struggling side. Fulham , promoted to the Premier League last season, have splashed the cash since winning the Championship play-off final in May.