Economy

As Turkey's Economy and Lira Dive, Erdogan 'Pleads' for Relief

As Turkey's Economy and Lira Dive, Erdogan 'Pleads' for Relief

Mr Trump intensified his spat with Turkey by imposing the higher tariffs, putting unprecedented economic pressure on a North Atlantic Treaty Organisation ally and deepening turmoil in Turkish financial markets.

Earlier this month, the US slapped sanctions on Turkey's justice and interior ministers over Brunson's imprisonment.

Turkey's trade minister says Turkey is "deeply disappointed" by the decision of U.S. President Donald Trump's administration to double steel and aluminum tariffs on imports from Turkey.

Erdogan urged Turks to combat the lira's slide by selling any dollars they have stashed away - advice few Turks are likely to take since hard currency is their best insurance against soaring prices.

Turkey exported about 500,000 tons to the U.S.in the five months to May, compared with more than 1 million tons in the same period a year ago, according to data from the U.S. Census bureau.

"We implore President Trump to return to the negotiating table - this can and should be resolved through dialogue and cooperation", he said in a statement. "This is a national, domestic battle", he told a crowd in the northeastern city of Bayburt.

The moves followed a series of actions the administration has taken in recent weeks to step up economic pressure on President Recep Tayyip Erdogan of Turkey to release US evangelical pastor Andrew Brunson, who has been detained in Turkey on espionage charges since October 2016. Erdoğan also called on citizens to sell their savings in euros and dollars and buy lira.

As with the financial crisis set off by Greece in 2010, Friday's events were the latest example of how troubles in a nation with a midsize economy but world-class problems could threaten financial stability further afield.

In the context of the impact of the Turkish crisis, Euro sank to its lowest levels in over a year on Friday, as anxious investors scrambled towards safe currencies such as the dollar, the yen and the Swiss franc.

More news: Player Ratings: Liverpool vs West Ham - August 12th 2018

Andrew Brunson, an evangelical pastor from Black Mountain, North Carolina, arrives at his house in Izmir, Turkey on July 25, 2018.

Turkish President Recep Tayyip Erdogan and his Russian counterpart Vladimir Putin held a phone conversation on Friday over bilateral and regional issues, presidential sources said.

"We will give our response to the person - who declares war against the whole world including our country - by turning towards new markets, new partners and new alliances", Erdogan added.

Erdogan has been putting pressure on the central bank to not raise interest rates in order to keep fueling economic growth.

"We know very well that the issue is not dollar, euro or gold".

The new set of economic steps are aimed at securing an economic growth of 3-4 percent in 2019, and decreasing the inflation rate to single digits, the Ministry of Treasury and Finance said in a press release on August 9.

Earlier this week USA and Turkish officials met in Washington to discuss issues that have pitted the two North Atlantic Treaty Organisation allies against each other.

Coupled with an inflation rate of almost 16 percent, that could cause severe damage to the local economy. Shares of European lenders also dropped, hit by concern about their Turkish exposure.

Turkey retaliated with Erdogan ordering authorities to freeze the assets of the USA justice and interior ministers in Turkey - "if there are any".


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