Turkish lira hammered again as crisis spills into Asian markets

Turkish lira hammered again as crisis spills into Asian markets”

Even if Washington and Ankara can resolve their immediate problems - such as the recent arrest of USA citizens in Turkey - the numerous, and multiplying, issues on which Turkey and the United States now disagree could be their relationship's undoing.

Erdogan framed Turkey's currency crisis as a "national battle" against economic enemies, namely the United States, saying 'if they have their dollar, we have the people, we have Allah'.

Turkey's President Tayyip Erdogan attends the BRICS summit meeting in Johannesburg, South Africa, July 27, 2018.

The lira fell to a record low of around $7.24 against the dollar in early Asian Pacific trade on Monday, before staging a recovery. "This is called carrying out an operation against Turkey".

Turkey's Finance Minister Berat Albayrak has notified Turkish media outlets on Sunday that Turkey will be taking steps beginning on Monday morning to begin easing market tensions over the rapid decline in Turkey's lira.

Turkish President Recep Tayyip Erdogan, embroiled in a bitter dispute with the US, a North Atlantic Treaty Organisation ally, contended Sunday the plunging value of his country's lira currency amounted to a "political plot" against Turkey. "This a plot to force Turkey to surrender in every fields from finance to politics, to make Turkey and its people to kneel down", he added.

Turkey and the U.S. are now experiencing rocky relations following Washington's imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey. "With God's permission we will overcome this", he added.

Mr Erdogan appeared unworried by the punitive measures imposed by the U.S., saying Turkey could turn to other partners and again terming the crisis an "economic war".

Albayrak said budget discipline would be the most important foundation of Turkey's new economic approach and fiscal rules would be implemented for targeted indicators if necessary.

"This disinformation campaign is part of the economic war that has been waged against our country".

Turkey is set for another week of financial-market turmoil with its face-off with the USA showing no sign of abating.

The Turkish currency reached a new record low of 7.24 against the USA dollar in Asia Pacific trade when markets opened on Monday morning.

American pastor Andrew Brunson has been held since October 2016 on terror and espionage charges, and if convicted, could face a jail term of 35 years. Mr Trump has described his detention as a "total disgrace" and urged Erdogan to free him immediately.

Last week, a Turkish delegation went to Washington and met with US counterparts, but there was no breakthrough. Washington earlier this month already imposed sanctions on senior Turkish officials over the Brunson case, angering Erdogan and prompting retaliatory measures by Ankara.

Erdogan mentioned the deadline in comments he made Sunday to his supporters in Trabzon, according to Reuters.

Turkey's is heading towards an economic crisis as a result of the weak lira and Donald Trump's latest round of economic sanctions.

This is largely due to Erdogan's influence over the economy, his calls for lower interest rates and worsening ties with the US.

Erdogan has stood by his opposition to high interest rates, calling them an instrument of exploitation and dubbing himself the "enemy of interest rates".

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