Erdogan: Lira crash political plot against Ankara

Erdogan: Lira crash political plot against Ankara

This comes days after the White House announced it would double tariffs targeting Turkish steel and aluminum. Import taxes for aluminum will be 20 percent.

The US is the biggest destination for Turkish steel exports, at 11% of the Turkish export volume.

The aim of the recent USA pressure is "to seize Turkey in every field from finance to politics", the president noted.

"You impose sanctions on our Halkbank. and then you expect different treatment from Turkey?" said Erdogan, in a second speech in the same city.

The lira was trading at 5.95 to the dollar, a loss on the day of 7.5 percent.

On Friday, Turkey's currency, the Lira, fell as much as 14%, causing the global financial markets to shudder. The ruble has lost 17% of its value against the dollar this year.

President Recep Tayyip Erdogan meanwhile slammed the United States decision to impose new tariffs on steel and aluminum imports.

"Do not worry!" He said Turkey was not afraid of "threats" and added Turkey had "alternatives" for economic cooperation in many places "from Iran, to Russian Federation, to China and some European countries".

"The basic reason the exchange rate has gone off the rails is that confidence in the management of the economy has disappeared both domestically and overseas", said Seyfettin Gursel, a prominent economist and a professor at Turkey's Bahcesehir University. But some investors fear the Turkish economy is growing too quickly and could face problems.

He also branded interest rates as a "tool of exploitation" which should be kept as low as possible. He claims higher rates lead to higher inflation - the opposite of what standard economic theory says.

"This could be the most expensive pastor in world history", Sekulow said, referring to the harm being done to Turkey's economy.

President Recep Tayyip Erdogan on Sunday said the crash of the Turkish lira, sparked by a bitter dispute with the United States, was a "political plot" against Turkey and warned Ankara would now seek new markets and partners. It also led to a drastic decline in the value of the Turkish lira.

Relations between Turkey and the US have been tense over a range of issues, from the Syrian conflict to the imprisonment of American pastor Andrew Brunson.

The diplomatic dispute with the USA was one of the triggers for the turmoil this week.

Sanctions had already been put in place when Turkey continued to trade with Iran regardless of a sanction on the country put in place by the American to halt their nuclear weapons programme.

Turkey has accused Andrew Craig Brunson of spying and "committing crimes on behalf of terror groups without being a member".

Andrew Craig Brunson, an evangelical pastor from Black Mountain, North Carolina, arrives at his house in Izmir, Turkey, July 25, 2018.

Turkey has drafted an action plan and its institutions will start taking necessary steps on Monday morning to ease financial markets' concerns, Finance Minister Berat Albayrak said, after the lira plunged last week. He added that the country will continue to enjoy good economic relations with several major nations.

From left, Iranian President Hassan Rouhani, Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan shake hands a year ago. Mario Ritter was the editor. "We have seen your play and we challenge you".

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