Wednesday, 26 September, 2018

Economic turmoil hits Turkey, US bank stocks react

FOREX-Dollar approaches 13-mth high; rouble, Turkish lira downtrodden EUR/USD Price Forecast – Euro breaks down over contagion fears
Charlie Simmons | 13 August, 2018, 14:20

In his Twitter message, the US president noted specifically how the Turkish lira was sliding "rapidly downward against our very strong Dollar".

The lira dropped 11 percent against the US dollar Friday as Turkish President Recep Erdogan warned of a global economic war against his country.

Trump last month threatened to slap "large sanctions" on Turkey if it did not release American pastor Andrew Brunson, who faces charges of espionage for allegedly supporting a failed coup attempt in 2016.

This came in the wake of sanctions imposed by Mr Trump for Turkey's refusal to free pastor Andrew Brunson, who the nation detained on terror charges despite the insistence of the United States he is innocent.

The new duties on Turkey are double the level that Trump imposed in March on steel and aluminium imports from a range of countries. "If there are euros, take these out ... immediately give these to the banks and convert to Turkish lira and by doing this, we fight this war of independence and the future".

President Trump's sanctions saw the Turkish lira plummet to a unsafe low, causing a financial crisis that has also threatened to destroy Europe after it triggered concerns with banks in Spain, Italy and France.

The New York Times suggested that Trump could also be trying to offset the effects of Turkey's weakened currency on the existing tariffs.

"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.

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Through the early part of the morning, the Turkish Lira was down another 1.92% to 6.9585 against the Dollar, the continued slide gripping the global financial markets at a sensitive time, where an ongoing trade war with China, fresh sanctions on Iran and new sanctions on Russian Federation are already testing market resolve.

Meanwhile, markets are deeply concerned over the direction of economic policy under Erdogan, with inflation at almost 16 percent but the central bank reluctant to raise rates in response. "Because this is the language they understand", he said.

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

Turkish President Tayyip Erdogan told a rally Friday that his country would not yield to what he called bullying and blackmail. The U.S. exported $9.75 billion worth of goods-mostly cotton, scrap iron, steel, civilian aircraft parts, coal, and petroleum gases-to Turkey, and imported $9.42 billion worth of goods from them.

"If they have their dollars, we have our people, our God".

Turkey, home to the Incirlik air base which is used by USA forces in the Middle East, has been a North Atlantic Treaty Organisation member since the 1950s.

An immediate "aggressive interest rate hike" was also needed, Mr Grier said, with something of the order of 1,000 basis points as seen in Argentina this year. It is obvious how it will be done: "since the final decision-maker of all policies in the new regime is the president, the responsibility of regaining confidence is on his shoulders", said Seyfettin Gursel, a professor at Turkey's Bahcesehir University.

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