Trump doubles steel and aluminum tariffs on Turkey
Trump doubles steel and aluminum tariffs on Turkey
Turkish Finance Minister Berat Albayrak is to unveil the plan for Turkey's economy on Friday
11 August, 2018, 09:22
The lira fell further as Erdogan spoke. The currency is down about 40 percent so far this year.
Shares in BBVA were down 5.7 percent late on Friday, UniCredit was off 6.4 percent and BNP dropped 4.4 percent, all exceeding a 4.3 percent drop in the euro zone bank index. Earlier it had fallen as much as 22 per cent. The Dow Jones industrial average was down 280 points, or 1.1%, at 2:30 p.m. ET, while the S&P 500 was down 26 points, or 0.94%.
But Erdogan, who had remained unusually silent until now as the lira crisis mounted, urged Turks to take matters into their own hands.
A favourable exchange rate though can't have harmed the situation: on Friday, the USA dollar would buy nearly six Turkish lira; at the end of January, it would have got you less than four. This is a national struggle.
The dollar rose as exposure to Turkey could impact European banks and spark a domino effect throughout Europe as people begin to pull out of those banks and into the USA, said Gregan Anderson, macroeconomic strategist at brokerage Bulltick LLC. Those words will further alarm many investors, suggesting that Turkey will neither impose a conventional economic programme to protect its currency nor find a way to come to terms with the U.S. over a tangle of issues that have brought them to loggerheads - chiefly, the jailing of USA missionary Andrew Brunson on terrorism charges.
Trump noted on Twitter that the lira "slides rapidly downward against our very strong Dollar!"
"It is hard to imagine how the United States and Turkey fix their relationship, which was already faltering, after this episode".
But Erdogan said Turks should not be alarmed by exchange rate movements.
Investors are concerned with Erdogan's firm grip on Turkish monetary policy.
It added that Trump's remarks were "not possible to reconcile with state seriousness".
In this file photo taken on July 11, 2018, US President Donald Trump (L) speaks with Turkey's President Recep Tayyip Erdogan (R) as they arrive for a North Atlantic Treaty Organisation summit at North Atlantic Treaty Organisation headquarters in Brussels.
The U.S. decision is another salvo in the growing dispute between Turkey and the U.S. The Central Bank's independence should always continue as a principle.
Meanwhile, Turkish Treasury and Finance Minister BeratAlbayrak is expected to present a new economic development doctrine for the country on Friday.
The flare-up in tensions has made it hard for global investors to justify remaining in Europe and is negative for emerging markets, he said.
"While Turkey's fundamental challenges are numerous, there are plenty of straightforward textbook solutions.an aggressive interest rate hike from the Central Bank would be a good start, something of the order of +1,000bp that Argentina delivered back in May would be appropriate at this juncture". There would be a transformation in the finance ministry with regards to taxation, he said.
Presenting the government's new economic model, Albayrak said the next steps of rebalancing would entail lowering the current account deficit and improving trust.
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United States stocks fell Friday amid the geopolitical concerns that pushed the Turkish lira to the record low against the dollar. Others feared this would drive Turkey closer to Russian Federation , and possibly affect US-Turkish cooperation in Syria.
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Turkish lira tumbles to fresh low
Shares in leading United States banks also plunged significantly with Bank of America, Goldman Sachs, Morgan Stanley, and J.P. So the sudden fall raises the possibility of corporate bankruptcies or bank failures that could hurt the economy.
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