Economy

Turkish President Rails Against ‘War’ on Turkish Economy

Turkish President Rails Against ‘War’ on Turkish Economy

Turkey is facing a deepening economic crisis, as the Lira fell sharply by about 22% in Friday's early morning trading.

He said Turkey's response was not going to be based on "reciprocity", adding: "Those who commit a crime will pay a price".

"All our action plan and measures are ready", he said, but did not provide details on what those steps would be.

The currency is down 40 percent just this year, shaking global investors' confidence in the country.

While Trump's tariff announcement added fuel to the crisis, many investors say the $US900 billion ($1.2 billion) economy was already headed toward a cliff.

Erdogan also hit back at USA authorities for convicting Mehmet Hakan Atilla, 47, deputy director general of Turkish lender Halkbank on charges of helping Iran evade U.S. sanctions on billions of dollars of oil proceeds.

The Turkish currency has been a casualty of a deepening crisis spurred by the administration's growth-at-all-costs agenda and a worsening spat with the USA, which sanctioned Turkey over the detention of an American priest.

Erdogan said high foreign exchange rates were the means used in plots against Turkey. Their trials and sentencing - Golge received a sentence of 7.5 years in prison in February, while Brunson is now under house arrest after officials released him from prison July 25 - exposed not only the president's influence over Turkey's judiciary but also the cases' political motivation.

Brazilian Ronaldo In Intensive Care In Ibiza Hospital
He scored 62 goals in 98 appearances for his country and played for some of the top clubs in Europe. Two of those were the only ones that Brazil scored against Germany in the 2002 World Cup final.

Turkey's central bank - which has raised its main policy rate to 17.75 per cent - unexpectedly refrained from a further hike at its last meeting.

The embattled Turkish lira tumbled over 16 percent to new record lows against the dollar as strains with the United States intensified over a number of issues including the detention of a pastor as well as Washington's cooperation with Syrian Kurdish militia force in the fight against Islamic State.

"I am specifically addressing our manufacturers: Do not rush to the banks to buy dollars". Do not take a stance saying, "We are bankrupt, we are done, we should guarantee ourselves.' If you do that, that would be wrong".

"President Trump on Friday doubled steel tariffs on Turkey as its government battled the currency collapse".

That raised alarms in Western capitals and the US Congress that Turkey was becoming a less reliable partner in North Atlantic Treaty Organisation despite hosting the US and other allies at its Incirlik air base for the fight against Islamic State.

Turkish officials insist the outcome of Brunson's case exclusively relies on the judiciary, a claim the USA has refused to buy in the light of Erdogan's earlier suggestions to swap him with Turkish opposition exiles residing in the US.

Last week, a Turkish delegation went to Washington and met USA counterparts but there was no breakthrough. "You should know that to keep this nation standing is. also the manufacturers" duty".

After Mr. Brunson had been in jail for nearly 20 months, a court in July ordered him to be moved to house arrest.


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