Turkish Lira Crumbles, Will it Send EURO on a Downward Spiral?
Turkish Lira Crumbles, Will it Send EURO on a Downward Spiral?
Mario Draghi the governor of the European Central Bank
11 August, 2018, 09:26
U.S. President Donald Trump said he's authorized doubling some metals tariffs on Turkey, citing poor relations with the North Atlantic Treaty Organisation ally amid an escalating conflict over its detention of an American pastor.
Trump is also declaring that, "Our relations with Turkey are not good at this time!"
Trump's announcement saw the Turkish lira drop even further, crashing to a 19 percent daily loss against the greenback.
Ankara's rocky relations with Washington took a further hit as President Donald Trump lobbed fresh salvoes via Twitter against Turkey, plunging the sagging Turkish lira to new lows against the dollar.
Oil prices rose more than 1 percent as USA sanctions against Iran looked set to tighten supply, but futures remained lower for the week as investors anxious that global trade disputes could slow economic growth and hurt demand for energy.
Last week, Erdogan called on Turks to convert their foreign currency and gold into Turkish lira to help the currency. Companies were "being unfairly punished for participating in worldwide trade", she said.
Without naming countries, Erdogan said supporters of a failed military coup two years ago, which Ankara says was organized by a USA -based Muslim cleric, were attacking Turkey in new ways since his re-election two months ago to a new executive presidency.
Ankara is under pressure to adopt orthodox steps to protect the lira by aggressively increasing interest rates to rein in double-digit inflation, a move Erdogan has publicly opposed. "Don't worry", Erdogan told a crowd in the northeastern city of Bayburt.
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Diplomatic relations between the United States and Turkey have declined since the failed 2016 Turkish coup.
Relations between Washington and Turkish President Recep Tayyip Erdogan also have worsened because of the detention of three locally employed USA consular workers, trade matters and differences over Syria.
The penalties also bar any U.S. transactions with the two men.
That had already added $40 million to the cost of a Plains All American crude oil pipeline that will use steel supplied by a Greek company, Plains executives said.
The U.S. has chose to sanction a North Atlantic Treaty Organisation ally - absolutely remarkable.
Turkey has had this sort of experience - a disastrous currency collapse shrinking its economy and impoverishing its citizens - several times before, most recently in February 2001.
Exchange-rate volatility not only complicates loan repayments, it also drives inflation higher and erodes the value of existing loans in the local currency.
Treasury and Finance Minister BeratAlbayrak - who is Erdogan's son-in-law - was scheduled later on Friday to outline a 'new economic model'.
Relations between the USA and Turkey have not been helped by Turkey jailing an American citizen for an alleged attempted coup in 2016. According to a source in Erdogan's office, the two said they were pleased with the positive direction in their economic and trade ties and with the ongoing cooperation in the energy and defense sectors. Much to the opposition of members of Congress on both sides of the aisle and other member nations of NATO, Turkey announced plans to acquire a Russian missile defense system.
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