Turkey pledges lira action to calm markets

13 Août, 2018, 08:41 | Auteur: Anatole Charbonneau

While Trump's tariff announcement added fuel to the crisis, many investors say the $US900 billion ($1.2 billion) economy was already headed toward a cliff.

We look the issue straining relations between the United States and Turkey.

Turkey has vowed to take measures later today to calm market fears sparked by the precipitous plunge in the lira's value as its president accused Washington of spearheading an "underhand plot" against his country.

The lira plunged to a fresh record low of 7.24 against the dollar during in Asia Pacific trade, where markets were opening for Monday morning.

"Turkey expects other member countries to abide by global rules", the country's trade ministry said in a statement.

During a speech at the ruling Justice and Development Party's (AKP) meeting in the Black Sea province of Trabzon on Sunday, Erdogan said the United States "is making an operation against Turkey".

President Recep Tayyip Erdogan vowed Saturday to defy USA "threats" over a detained pastor, showing no signs of concessions in a bitter row that has caused the Turkish lira to crash.

The case of Andrew Brunson, an evangelical Christian, is one of a series of disputes that lies at the heart of deteriorating ties between the two North Atlantic Treaty Organisation allies.

The development comes after US President Donald Trump said on Friday he would be imposing a 20 per cent duty on aluminum and 50 per cent one on steel.

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According to the Wall Street Journal, the fall in the TRY in the face of increased United States tariffs on aluminum and steel raises uncertainty for investors in emerging markets. "With God's permission we will overcome this", he added. "Relations with countries who behave like this have reached a point beyond salvaging", said Erdogan, who warned of "economic war".

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

Brunson was arrested in October 2016 on charges of being an American spy and terrorist complicit in the failed coup attempt against Erdogan in the summer of 2016.

The two governments have been at odds over a wide range of topics - from diverging interests in Syria, to Turkey's ambition to buy Russian defence systems and the case of evangelical pastor Andrew Brunson, who is on trial in Turkey on terrorism charges.

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.

Erdogan called the tariffs "missiles" in an economic war being waged against Turkey.

He also branded interest rates as a "tool of exploitation" which should be kept as low as possible.

Erdogan renewed his call for Turks to sell dollars and buy lira to boost the currency, while telling business owners to not stockpile the American currency.

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