Erdoğan urges Turks to sell dollars and euros to support lira

Erdoğan urges Turks to sell dollars and euros to support lira”

To do that, they have to sell lira - worsening the rout.

Turkish President Recep Tayyip Erdogan has accused the USA of trying to "bring Turkey to its knees through threats over a pastor". The weakened currency's value has helped increase inflation and anxious global investors. "It is a national fight", Mr Erdogan said in comments broadcast on national television.

Erdogan added that Washington had always "failed to understand and respect the Turkish people's concerns".

The recent plunge comes after a Turkish delegation in Washington failed to stop the U.S. from imposing sanctions against two senior ministers.

Turkey said it would respond to the new US tariff action "without delay" and warned the move would further harm relations between the two countries.

President Trump seems to think that Turkey has been trying to take advantage of us by having an economic crisis that's sent their currency he's taken steps to make it tumble even more?

Erdogan and his newly appointed finance minister, Berat Albayrak, are due to speak at 2 p.m. local time Friday.

In the first three months of 2018, Turkish steel exports to the United States fell almost 50 percent over the same period in 2017, making it the only top-10 source of US steel imports to see a decrease, according to the US Commerce Department.

Shares of Turkish steelmakers Kardemir and Erdemir plunged as much as eight percent and 9.9 percent respectively after Trump's tweet.

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

Axios reported that the Turkey is trying to lessen their dependence on Russian Federation, and the increased sanctions will make their goal more challenging to reach. It has fallen more than 46% in the past year.

It is a Coen brothers-level farce the people of Turkey and every other emerging market that's been caught up in what's now a broader currency sell-off are not laughing at. Any resumption of serious migrant flows from Turkey would be a big political issue in Europe, where opposition to immigration has fueled the rise of right-wing parties such as Itay's League and the Alternative for Germany. On Thursday Ergodan said Turkey will withstand the economic pressure. 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.

"While Turkey's fundamental challenges are numerous, there are plenty of straightforward textbook aggressive interest rate hike from the Central Bank would be a good start, something of the order of +1,000bp that Argentina delivered back in May would be appropriate at this juncture". He equated the financial turmoil to the 2016 coup attempt that sought to depose him. He returned to his familiar refrain of urging Turks to use their reserves of dollars, euros and gold to buy up lire.

Paul Greer at Fidelity International said dramatic interventions were now needed as Turkey faced a "downward spiral" of investor confidence. But experts argue that the central bank should instead raise interest rates to ease inflation and to support the currency.

"Whilst these three banks are likely secure enough to survive a major write-down in the region it does little to improve their earnings outlook over the short term and this is being reflected in the market's repricing today".

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