Sunday, 21 October, 2018

Turkey's currency nosedives on economic concerns, U.S. dispute

Recep Tayyip Erdogan tells Turkey to 'trust in God' as lira falls Turkey's currency nosedives on economic concerns, U.S. dispute
Rhonda Young | 10 August, 2018, 15:27

The Turkish lira has fallen to a new record-low this morning, as much as 12 per cent in one day, amid the souring of diplomatic relations with the U.S. and a deepening monetary policy crisis.

Turkey's embattled lira on Friday hit new record lows against the U.S. dollar, losing some five percent in value as fears grew over the exposure of European banks and tensions with the United States showed no sign of easing as Washington piled more pressure on Ankara through sanctions after a meeting between a Turkish delegation and USA officials in Washington yielded no apparent solution to a diplomatic rift over the detention in Turkey of an evangelical American pastor.

He is facing up to 35 years in prison if found guilty of supporting the coup to overthrow President Recep Tayyip Erdogan.

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"In most cases though, we suspect that this resilience will prove temporary", they said, highlighting expectations of rising USA interest rates and worries over growing USA protectionism. We are working hard.

"Seems like a complete crash, so they need to act now", said Morten Lund, a strategist at Nordea Bank AB in Copenhagen told Bloomberg.

Pastor Brunson, a United States citizen and a Turkish resident for over two decades, was arrested on terrorism and espionage charges in connection with the failed military coup in 2016. Turkey has threatened to retaliate after the Trump administration imposed sanctions on senior Turkish government officials for their role in the detention of an American pastor.

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The 25-year-old began his career at Benfica, with his career highlight being a European Championship win with Portugal in 2016. Gomes joined Barcelona from Valencia in 2016 for (£31.46) €35m but has struggled to nail down a starting place at the Nou Camp.

"The market reaction has been strong partly because the central bank decision was probably affected by President Erdogan and the independence of the Turkish central bank is under question".

Last week, Mr Erdogan urged Turks to exchange gold and other currency for lira in a effort to boost its value.

Erdogan wants banks to lend cheap credit to fuel growth. He has presented an economic action plan for the next 100 days. Do not heed them,"Erdogan said". Erdogan said China, Mexico, Russia and India will be new markets for his country's exports. He added that "attempts to exert economic pressure on Turkey were futile".

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Whitmer will now go up against Michigan's attorney general, Bill Schuette, in the November general election. You will have a Big win in November and be a tremendous Governor for the Great State of MI .

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