Erdogan under pressure as Turkish lira plunges to record low

14 August, 2018, 17:11 | Author: Shannon Aguilar
  • Erdogan slams US for preferring terrorists as partner

"We will respond to those, who declared trade war on the entire world and included Turkey in it, by steering towards new alliances, new markets", he said.

Relations between the two North Atlantic Treaty Organisation allies have plummeted in one of their worst crises in decades after the detention of United States pastor Andrew Brunson on terror-related charges, sending the Turkish lira into free fall against the dollar.

Over the last few days, Turkey has seen a significant devaluation of its currency the lira, which has lost more than 45 percent of its value this year.

CONTAGION FEARS: Emerging markets are falling out of favor due to problems in Turkey and Argentina.

The Turkish lira has nosedived against the dollar and other currencies in the past week, sparked by concerns over President Recep Tayyip Erdogan's economic policies and a dispute with the United States over the detention of an American pastor, who is on trial on espionage and terror-related charges.

The US doubled tariffs last week over Turkey's refusal to extradite a US pastor who is imprisoned there. "There is no economic reason for the present (currency plunge) situation".

Liberty Times that four major Taiwanese companies are likely to be on the losing end of investments and ventures in Turkey if the US sanctions are implemented and maintained for any significant amount of time.

In his speech, Erdogan, referring to industrialists, said, "Do not prefer to rush to banks and buy foreign currency".

Emerging market currencies continued to reel on Tuesday with the South African rand down two percent ZAR=, the Russian rouble dropped 1.4 percent RUB= and the Mexican peso 0.8 percent MXN=. "Trump instead squeezed Ankara further".

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He specifically highlighted Apple, the Associated Press reports, saying Turkey would stop bringing in iPhones in favor of devices from South Korea's Samsung or Turkey's own Vestel.

"You act on one side as a strategic partner but on the other you fire bullets into the foot of your strategic partner", Erdogan told a conference in the capital Ankara. "Can such a thing be accepted?"

Erdogan vowed also in Trabzon there would be no easing of the law in Brunson's case, said that the United States tried to "give us ultimatums and deadlines to free the priest".

He added that Turkey would continue its "constructive engagement". "Otherwise, we would have to implement plan B or plan C".

China has indicated that it would provide aid to Ankara in terms of yuan-denominated bonds as well as new investments.

Turkey has held Christian pastor Andrew Brunson in custody for almost two years on espionage and terrorism charges tied to an attempted coup of Erdogan in 2016.

White House press secretary Sarah Sanders said the USA had seen "no evidence that Pastor Brunson has done anything wrong".

"If you come at us with your dollars we will try to find other ways to manage our affairs". Credit-fueled growth helped the Turkish economy grow and boosted the government's popularity through increased consumption and major construction projects.

The purchase of the Russian air defense system has been cited as reason for Washington excluding Ankara from the F-35 fighter plane program as well as restricting intelligence sharing with its ostensible North Atlantic Treaty Organisation ally.

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