Turkish lira trades below 6.0 against dollar after USA comments

17 August, 2018, 16:40 | Author: Lora Ball
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Trump has used trade tariffs in a series of disputes ranging from with Turkey and China to the European Union.

Leaving aside the wisdom of launching a trade war with a North Atlantic Treaty Organisation ally over one man, the currency justification was - how to put it politely? - peculiar.

The Turkish currency began to recover after authorities this week took steps to help bank liquidity.

A USA dollar banknote is seen on top of 50 and 100 Turkish lira banknotes in this picture illustration in Istanbul, Turkey August 14, 2018.

The Chinese yuan CNH=EBS gained 1.1 percent to 6.87 per dollar.

Turkey's Vice President Fuat Oktay wrote on Twitter that the doubling of tariffs was done "under the principle of reciprocity", in response to America's "conscious attacks on our economy".

In his televised speech yesterday, Erdogan vowed that Turkey will "boycott U.S. electronic goods".

"The tariffs that the United States placed on Turkey were out of national security interests". Turkey's exports to the United States past year amounted to $8.7 billion, making it Turkey's fifth-largest export market.

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When Kilic sought to tie conditions to Brunson's release, Bolton waved them aside and said there would be no negotiations. Mr Brunson denies any involvement.

"Every product that we buy in foreign currency from outside, we will produce them here and sell overseas", Erdogan said in a speech, according to The New York Times.

The US has threatened to impose more economic sanctions on Turkey if it does not free a detained American pastor.

"The tariffs that are in place on steel will not be removed with the release of pastor Brunson".

Finance Minister Berat Albayrak, the son-in-law of President Recep Tayyip Erdogan, addressed hundreds of foreign investors from the United States, Europe and Asia via a conference call in a bid to soothe the markets.

"Both leaders emphasised the importance of fostering economic and trade relations as well as mutual investments", the source said. Turkish officials say the case is a matter for the courts. The minister ruled out any move to limit money flows - which is a possibility that worries investors - or any assistance from the International Monetary Fund, NTV said.

"Rates have gone up by 10 percent".

Turkey's finance ministry said on Friday that credit channels would remain open and that it would take measures to relieve banks and the real sector, after the Turkish lira currency crashed to a record low against the dollar earlier this week.



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