Thursday, 16 August, 2018

Erdogan says crash of lira ‘political plot’ against Turkey

A vendor gets a five Euro bank note from a customer at the central market in Athens A vendor gets a five Euro bank note from a customer at the central market in Athens Greece
Rhonda Young | 13 August, 2018, 06:28

On Sunday, he said the lira's free-fall was the result of a plot and did not reflect Turkey's economic fundamentals.

LMoreover, El-Diwany said that the Turkish market gets an advantage in the exportation markets, which both Egypt and Turkey export the same products for, explaining, "Egypt can not well compete with Turkey in exporting textiles to the same markets, as the Lira is now down, hence prices will be lower than before".

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. "All of our action plan and measures are ready", Albayrak said, without elaborating.

The currency, which traded 4.7 to the dollar a month ago, has now weakened to 6.4 to the dollar, having lost more than 30% of its value this month, 20% of which accrued in the last 24 hours.

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Analysts say that while Washington's sanctions against Ankara sparked the immediate crisis, Turkey's economy has been risking trouble for a while due to high inflation and the weak lira.

The Euro opened this week's trading session gapping lower against its USA counterpart, responding to the Turkish Lira's sharp downturn last week. "What happened? Immediately, we have imposed the same sanctions on their ministers", Mr. Erdogan said. Their trials and sentencing - Golge received a sentence of 7.5 years in prison in February, while Brunson is now under house arrest after officials released him from prison July 25 - exposed not only the president's influence over Turkey's judiciary but also the cases' political motivation.

In addition, foreign investors are disquieted by Erdogan's authoritarian government, which seems to be pursuing imprudent and politically charged economic policies which undercut the independence of the central bank - only worsening Turkey's economic predicament.

The lira lost about 40 percent of its value against the USA dollar this year and, to reduce its volatility, Ankara has prepared an urgent action plan. As the currency continued to fall, United States President Donald Trump announced on Friday he had doubled steel and aluminum tariffs on his North Atlantic Treaty Organisation ally before admitting that relations between Washington and Ankara were "not very good".

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In contrast, employment fell in most goods-producing sectors, specifically manufacturing, construction and natural resources. Year-over-year the unemployment rate is up from July 2017 when it sat at 6.6 per cent in a labour pool of 40,800 people.

"I am specifically addressing our manufacturers: Do not rush to the banks to buy dollars".

Last week, a Turkish delegation went to Washington and met US counterparts but there was no breakthrough. "We have seen your play and we challenge you". "You should know that to keep this nation standing is. also the manufacturers" duty".

Still, he went on to state Turkey acted on its own in the past despite USA objections, such as in its invasions of Northern Cyprus in 1974 and Afrin this year in Syrian Kurdistan.

A Turkish court has transferred Brunson to house arrest after nearly 20 months in jail.

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