Sunday, 21 October, 2018

Turkish lira tumbles to fresh low

Greek lieutenant Aggelos Mitretodis and noncommissioned officer Dimitros Kouklatzis were arrested in Turkey Greek lieutenant Aggelos Mitretodis and noncommissioned officer Dimitros Kouklatzis were arrested in Turkey
Rhonda Young | 11 August, 2018, 03:12

The lira tumbled about 10 per cent on Friday to another record low as investors worry about Erdogan's unorthodox economic policies and U.S. sanctions.

Here is a look at the situation - what caused the plunge and what impact it might have. The last time I can remember a currency exploding into a similar acceleration of weakness to what we have seen in the past 24 hours is the Russian Ruble crisis that transpired late in 2014. Together, that can weigh on the currency.

The lira tumbled 13% in one day, to 6.51 per U.S. dollar, a massive move for a currency that will make the Turkish poorer and further shake worldwide investors' confidence in the country.

Ankara and Washington have been at odds over the detention of the American evangelical pastor Andrew Brunson on terrorism charges, a matter that Trump has discussed directly with Turkish President Recep Tayyip Erdogan over the phone, The New York Times reported. The central bank is next scheduled to meet on September 13. That drained investor confidence in the central bank, leading to a further sell-off of the currency.

New Finance Minister Berat Albayrak - Erdogan's son-in-law - rolled out the government's new economic plan on Friday, promising central bank independence and tighter budget discipline, but giving few details to reassure investors.

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Shares in leading United States banks also plunged significantly with Bank of America, Goldman Sachs, Morgan Stanley, and J.P. Morgan Chase all falling over one percent.

"This will be my people's response to those who have waged an economic war against us", he said. I hope we can soon get Pastor Brunson and other Americans released in a win-win fashion for both the United States and Turkey."Trump's move to double tariffs on Turkey was even praised by one of the president's most frequent Democratic critics".

The lira's plunge is one of the most serious economic crises that Erdogan has faced since coming to power in 2003 in the wake of a financial crisis in 2001 that brought the economy to near meltdown.

Speaking to Middle East Eye this week, small shopowners in Turkey said the dramatic fall in the lira had had devastating consequences for their businesses.

A plummeting Turkish lira sent ripples through global equities and emerging markets on Friday, as rising fears of a wider fallout sent investors scurrying for the safety of assets such as the yen and USA government bonds. If it fell much further, it might push a lot of Turkish banks and businesses that had borrowed in dollars into bankruptcy - assuming they did not get bailed out first. So the sudden fall raises the possibility of corporate bankruptcies or bank failures that could hurt the economy.

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Donald Trump has today announced massive increases to tariffs against Turkey as its currency the lira continues to plummet. "Look at what we were 16 years ago and look at us now", he said.

The reaction from global currency markets to the rift between two North Atlantic Treaty Organisation allies caused the euro to slump to a 13-month low and pushed the dollar to a one-year high. Turkey is prime among them. Any resumption of serious migrant flows from Turkey would be a big political issue in Europe, where opposition to immigration has fueled the rise of right-wing parties such as Itay's League and the Alternative for Germany.

"Aluminum will now be 20% and Steel 50%". He equated the financial turmoil to the 2016 coup attempt that sought to depose him.

"If you have dollars, euros or gold under your pillow, go to banks to exchange them for Turkish lira". The White House said he had authorized them under Section 232 of US trade law, which allows for tariffs on national security grounds.

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