One US dollar bought 5.57 lira during evening trading yesterday
12 August, 2018, 10:56
Reverberations spread through global financial markets, with European stock markets especially hit as investors took fright over banks' exposure to Turkey. (The last substantial hike was in January 2018; before then, it was in late 2013, when Turkey was dealing with the end of the U.S. Federal Reserve's quantitative easing program.) The country could also place controls on capital, but those can hamper private sector activity and won't be easy considering the government's relative inability to totally control private capital.
He said: 'There is definitely contagion from Turkey across emerging markets. Financial upheaval there risks further destabilising an already volatile region.
"In this process, we will finely work every single detail as a wide spectrum including all national and global stakeholders", he said in the first part of his speech, referring to Turkey's Medium-Term Economic Plan (OVP), which will soon be renamed.
Erdogan, who was re-elected two months ago, told Turks not to panic - but paradoxically urged them to buy lira to fight an "economic war". "The tweet is mightier than the Turkish sword", Cristian Maggio, head of emerging markets strategy at TD Securities, said in a note to clients.
On March 1, Trump had announced global tariffs of 10 percent on all aluminum to the US and 25 percent on all steel imports.
"Repeated efforts to communicate to the USA administration that none of the stated criteria driving America's tariffs are applicable to Turkey have thus far proven fruitless", he said.
Relations between the two North Atlantic Treaty Organisation allies have sunk to their lowest point in decades over a number of issues including the detention of United States pastor Andrew Brunson on terror-related charges, prompting the Turkish lira to hit record lows against the dollar.
A Turkish delegation visited Washington for talks this week but left with no signs of a breakthrough.
Erdogan on Saturday repeated a call to Turks to help support the lira to win what he described was a "war of independence".
His characteristic defiance has further unnerved investors.
Turning to the economic effects of the diplomatic row, Mr Erdogan said: "If they have the dollar, we have Allah".
Local pilot reacts to stolen Horizon airplane
Royal King told the Seattle Times he was photographing a wedding when he saw a plane and two F-15 fighter jets trailing it. Eyewitness John Waldron told CNN he watched the plane do "a complete loop", before it went "pretty much straight up".
"Those who have dollars, euros or gold under their pillows should go and exchange them into [Turkish] lira".
"This is a national, domestic battle".
Turkey, home to the Incirlik air base which is used by United States forces in the Middle East, has been a North Atlantic Treaty Organisation member since the 1950s. It is host to a critical part of the Western alliance's missile defence system against Iran.
In the New York Timesarticle, Erdogan said: "Attempting to force my government to intervene in the judicial process is not in line with our Constitution or our shared democratic values". Gulen has denied the allegation.
American evangelicals have pressed Mr Trump for action on Pastor Brunson, who was held in prison for nearly two years but was recently moved to house arrest. At the beginning of August, the U.S. Treasury Department sanctioned Turkey's ministers of Justice and Interior because of Brunson's detainment.
Halkbank has said that all of its transactions were lawful.
Turkey has since accused Mr Trump of enforcing "economic terror" on the troubled nation.
Bairstow & Woakes put England in strong position at Lord’s
But Woakes, who had scored nine previous first-class hundreds, and Jonny Bairstow (93) turned the tide during a stand of 189. Bairstow reached his half-century first, cover driving wrist-spinner Kuldeep Yadav for four, before Woakes outpaced him.
"Confidence needs to be regained". In July, the president warned in a tweet that the U.S. Hard currency debt issued by Turkish banks suffered similar falls.
Now college basketball players can work with an NCAA-certified agent while testing the waters of declaring for the NBA draft. They are willing parties in this, Gavitt said. "We're not in a position to try to say who gets an agent and who does not'".
ICBC will apply for further changes from the BC Utilities Commission, with the expected changes to take place in September 2019. The corporation would forgive one at-fault crash for customers with 20 years of driving experience.
The American golfer said his heart went out to the children of Lyle , who lost his battle with myeloid leukaemia, aged 36. You also think about it as far as Jarrod wouldn't want us out here feeling sorry for him or feeling bad or anything.
Additional Navy P-8 aircraft and Philippine Coast Guard vessels have expanded the search to about 3,000 square nautical miles. The Philippine government facilitated diplomatic clearance for USA assets involved in the search and rescue operation.
So there's no feeding putts. "You've got to decide what you want to do with it before you get out there, and it was a lot of fun. Open champion Brooks Koepka , who had a 20-foot birdie putt he wanted to make for no other reason than he likes to make birdies.
June 21, 2018: ESPN.com confirms the McNair family retained the law firm of Murphy, Falcon & Murphy to represent the family. August 3, 2018: Practice officially starts and, according to sources, the culture of bullying, led by Court, continues.
At the end of June, Foxtel had about 2.8 million subscribers, higher than past year mainly due to the launch of Foxtel Now. The net loss attributable to News Corp shareholders narrowed to $372 million in the...
Sarri has quite a task on his hands getting this Chelsea squad up to speed and there were concerns heading into the match. Sarri has signed Napoli midfielder Jorginho in a £57m deal and England veteran Rob Green in the summer transfer window.
Barclays said Friday's GDP data showed that the British economy's second-quarter rebound only offset the first-quarter weakness. Sterling also hit a nine-month low against the euro, and was down against the yen and Swiss franc, BBC reported on Thursday.
Mexico's economic minister Guajardo is on the wires saying that the NAFTA talks are going very well, but there is no deal yet. But details of what is happening behind closed doors came largely from second-hand accounts of the talks Thursday.
Phil misses cut, fails to qualify for Ryder Cup
Those standings will finalize the eight automatic selections following the conclusion of the PGA on Sunday night. Still, Furyk said, "it was nice to get a chance to see both guys play". "He showed a lot of poise".
Wolves break Premier League record
Despite being down to ten men, the Blues came out of the half-time the better of the two sides and regained their lead. Jagielka took a big risk in his attempt to stop Jota bursting through on goal and ultimately it cost his team dearly.
Greek teen Stefanos Tsitsipas reaches Toronto final
Under a blazing afternoon sun, Tsitsipas and Anderson relied on their service games in the opening set on the showcase hardcourt. Play wraps up Sunday at the $5.94-million United States tournament on the York University campus.
World Bank preps for world's first blockchain bond
Termed "bond-i", or Blockchain Offered New Debt Instrument , the name also refers to the famous Bondi Beach in Sydney. World Bank has mandated only the Common Wealth Bank of Australia [CBA] to issue bond based on Ethereum blockchain .
Pogba gives cryptic response on United future
He scored his first senior team goal with a lovely move around his defender and a fine finish to the far post. This was backed up by the fact Pogba was made captain for the match last night.
Cutting down salt intake isn't always healthy: Lancet
An increased cardiovascular risk was only observed in communities where the average intake was greater than 5 g/day. The study was focused on 94,000 individuals between the ages of 35 and 70 who were from 18 different countries.
Trump thanks Kanye for telling the 'truth' on 'Jimmy Kimmel'
But some conservatives said they were disappointed with Kanye for " caving " when he had a chance to respond to Kimmel's question. Kardashian West visited the White House earlier this year to urge Trump to commute the life sentence of Alice Marie Johnson.
Halep, Stephens into Montreal final
The 15th-seeded Barty won 80% of her first serve points and broke Bertens four times as she cruised to victory. Open title defense, beat fifth-seeded Elina Svitolina 6-3, 6-3. "I was very sore when I woke up", said Halep.
Kanye releases new track 'XCTY,' seemingly out of the blue
Kanye West has blessed the world with yet another brand new track, and sadly this one isn't entirely about "scoopity poop". Although his views may be polarizing, it's obvious after watching the interview that West is telling the truth.
VS Naipaul, British author, dies aged 85
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