Monday, 20 August, 2018

Turkey ready for trade with partners, including Russian Federation, in national currencies - Erdogan

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Patty Aguilar | 13 August, 2018, 04:41

Turkey, home to the Incirlik air base which is used by USA forces in the Middle East, has been a North Atlantic Treaty Organisation member since the 1950s.

The White House said the new sanctions would take effect from August 13.

The Euro opened this week's trading session gapping lower against its United States counterpart, responding to the Turkish Lira's sharp downturn last week.

The diplomatic spat sent the lira down 16% against the dollar on Friday.

Chase chief economist Anthony Chan discusses whether the drop in Turkey's lira will impact emerging markets.

This year, it lost more than 40 per cent.

"This is clearly an attack against the Turkish economy", he said.

Earlier Saturday, Erdoğan said that Turkey was preparing to increase trade with its top trade partners such as China, Russia, Iran and Ukraine in local currencies instead of the USA dollar, adding that it was also ready to do the same with European countries.

There are quite a few, a number of them addressed by Mr Erdogan in the New York Times.

Erdogan had on Saturday described interest rates as a "tool of exploitation", in remarks that may not be warmly welcomed by the markets.

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The nominally independent central bank has defied pressure over the last few weeks to hike interest rates in the face of high inflation and the collapsing currency.

Erdogan has blamed outside forces for trying to bring down Turkey's economy.

Turkey's President Recep Tayyip Erdogan on Saturday accused the USA of exchanging its "strategic North Atlantic Treaty Organisation ally with a pastor", remarks that questioned why Washington was seeking to free its citizens detained by Ankara, including Pastor Andrew Brunson who has become the eye of a diplomatic storm between the two nations. It also led to a drastic decline in the value of the Turkish lira.

People change money at a currency exchange office in Istanbul, Turkey, Aug. 10, 2018. The currency is currently down 13.5% against the U.S. dollar, after a brief 20% fall, resulting from a Trump tweet that declared, "Aluminum will now be 20% and Steel 50%", and concluded: "Our relations with Turkey are not good at this time!"

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

On Sunday, Erdogan revealed details of talks between the two countries over the pastor, saying the United States had given Turkey until last Wednesday to hand him over.

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

In response, President Trump tweeted in July, "The United States will impose large sanctions on Turkey for their longtime detainment of Pastor Andrew Brunson, a great Christian, family man and wonderful human being. During this period, Turkey has set records in its exports, production and employment", Erdogan said.

He added: "Relations with countries who behave like this have reached a point beyond salvaging". These include places "from Iran, to Russian Federation, to China and some European countries", he said.

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