Economic turmoil hits Turkey, US bank stocks react

10 Août, 2018, 19:33 | Auteur: Auguste Feret
  • Erdogan says attempts to exert economic pressure on Turkey futile

The Turkish currency stood at 5.94 against the dollar at 10:00 GMT, down some seven percent, after falling as much as 14.6 percent overnight - its biggest one-day drop since early 2001. Aluminum will now be 20% and Steel 50%. Earlier this month, the USA slapped sanctions against Turkey's ministers of justice and interior in response to Brunson's detention.

Ankara blames for an attempted coup in 2016.

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

"It is astonishing that no matter how punished the Lira looks, traders are showing absolutely no indication that they are finished with pricing in "bad news" into the market", Ahmad said.

The lira tumbled about 10 percent on Friday to another record low as investors anxious about Erdogan's unorthodox economic policies and US sanctions.

Turkey's woes shook world markets, pushing down stock indexes and lifting the dollar, which traders around the world typically buy in times of concern.

"I would say we would define progress as Pastor Brunson being brought home", Nauert said.

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"If there is anyone who has dollars or gold under their pillows, they should go exchange it for liras at our banks". In his speech in the northeastern city of Bayburt, Erdogan added that he would decisively defend the country against economic attacks.

"This will be the response to those who have declared an economic war", he said, blaming Turkey's woes on what he described as an "interest rate lobby" seeking to push the country to higher rates.

"Various campaigns are underway against Turkey, pay no attention to them". China's state-owned shipping company COSCO Pacific already owns 65% of Turkey's third largest port. Atli said, "I believe Turkey and China could also expand their partnerships in Turkey's other ports, in the Mediterranean Sea, in the Aegean Sea, and at the Black Sea". The currency has fallen 66 percent since the start of the year.

Turkey vowed retaliation "without delay" and warned the move would further harm relations between the two allies.

Both countries have imposed sanctions on senior ministers and the countries failed to make progess during talks this week.

The lira plunged to as low as 6 against the USA dollar on Friday, a day after a Turkish delegation returned from talks in Washington with no apparent solutions to their simmering crisis. Erdogan has been putting pressure on the central bank to not raise interest rates in order to keep fueling economic growth.

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