Turkish lira tumbles to fresh low

10 Août, 2018, 15:29 | Auteur: Auguste Feret
  • Recep Tayyip Erdogan

Turkey's lira hit a new record low against the USA dollar in early trade on Friday, as concerns over a widening rift with the United States persisted after a Turkish delegation returned from talks in Washington with no apparent solutions to the crisis.

Turkey's currency hit a record low against the U.S. dollar and euro early on Friday, falling around 7% against the dollar after initially losing 12%. US sanctions against top Turkish government officials and unorthodox economic policies by Turkey's President Recep Tayyip Erdogan have spooked markets.

Pastor Brunson, a USA citizen and a Turkish resident for over two decades, was arrested on terrorism and espionage charges in connection with the failed military coup in 2016.

President Recep Tayyip Erdogan on Thursday portrayed the currency drop as a "campaign" to harm Turkey.

"Don't heed them. Don't forget, if they have their dollars, we have our people, our God". Washington imposed financial sanctions on two Turkish ministers and warned of additional measures. We are working hard. "It looks like EUR/USD will hit our end-September forecast of 1.1400 early", said Richard Grace, a foreign exchange strategist with Commonwealth Bank Australia.

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"The market reaction has been strong partly because the central bank decision was probably affected by President Erdogan and the independence of the Turkish central bank is under question". He has presented an economic action plan for the next 100 days.

Investors also cited what they say is a lack of intervention from authorities to address the lira's weakness as a key reason for the consecutive daily falls.

And even if eurozone exports to Turkey fell through the floor, previous experience has shown that European companies are "pretty quick in identifying and switching to new markets".

"Furthermore, diplomatic tensions between the U.S. and Turkey are increasing as Turkey has refused to free the American priest, Andrew Brunson, who Erdogan claims to be a part of the failed coup attempt in 2016".

Turkey's ties with the United States have soured over Washington's refusal to extradite Fetullah Gulen, who is accused of masterminding a 2016 coup against President Erdogan.

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