Turkish lira pulls back from record low, markets rattled

Dwayne Harmon
August 14, 2018

"We will protect our Turkish lira, we will march with Turkish lira and we will see a stronger lira in the coming period".

The Turkish lira TRYTOM=D3 recovered some ground after plunging to an all-time low on Monday as the country's central bank took steps to ease pressure on the currency.

The move is seen to be in retaliation to United States' decision to sanction two Turkish ministers over the continued detention of an American pastor on terror-related charges, and to double tariffs on Turkish steel and aluminum imports.

"There is a cost for those who are plotting the operation" against Turkey, Erdogan said in the first of two speeches in Ankara, without specifying when the boycott would start or how it would be enforced. Turkey's central bank also earlier announced measures to help its banks, but economists say that what's needed is an interest rate increase of several percentage points.

President Recep Tayyip Erdogan on Tuesday said Turkey would boycott USA electronic goods in retaliation for punitive sanctions by Washington against Ankara over the detention of an American pastor.

The euro traded up 0.1 percent on Tuesday at $1.1420, having fallen to a 13-month low of $1.1365 on Monday.

"We, as the Turkish Airlines, stand by our state and our people".

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The call from businesses came as Erdogan demanded a boycott of Apple and other US -made products in an effort to hurt the United States. Their rush for the exit is worsening the currency's drop, which is likely to lead to bankruptcies in Turkey as banks and companies with loans in foreign currencies go bust. "What do you want to do?"

Brunson is at the center of a diplomatic spat between North Atlantic Treaty Organisation allies Turkey and the United States, which has helped trigger a Turkish currency crisis.

Erdogan has said that he thinks the lira would stabilize, but investors are not convinced. "I believe the new and important topics will be discussed in this call, otherwise there would not be such an attempt".

Turkey's business lobbies called on Tuesday for a tighter monetary policy to stabilise the lira, and for diplomacy to solve U.S.

In a joint statement issued Tuesday, the industrialists' group TUSIAD and the Union of Chambers and Commodity Exchanges also called for diplomatic efforts to resolve a spat with the United States and improve relations with the European Union, which is Turkey's major trading partner. His lawyer Ismail Cem Halavurt, said the court had up to seven days to rule on it.

As Turkey's currency started dropping, President Donald Trump announced that the USA would be doubling its tariffs on imports of Turkish steel and aluminum.

Turkey's ambassador to Washington Serdar Kilic on Monday held talks with US National Security Advisor John Bolton in a meeting what Foreign Minister Mevlut Cavusoglu said was arranged by the White House.

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