Turkey Lira crisis in pictures: Locals sell wealth to save currency

One US dollar bought 5.57 lira during evening trading yesterday

He seems to see Turkey's collapsing currency not as an existential threat to their economy they are trying to forestall, but rather as something they actively want to try to make their exports more competitive. Together, that can weigh on the currency. The central bank noted that Spain's BBVA, Italy's UniCredit and France's BNP Paribas all have significant exposure to Turkish debt and that a crashing lira could affect repayment of foreign currency loans.

Coupled with an inflation rate of almost 16 per cent, that could cause severe damage to the local economy. "It is a national fight", Mr Erdogan said in comments broadcast on national television.

"In this process, we will finely work every single detail as a wide spectrum including all national and global stakeholders", he said in the first part of his speech, referring to Turkey's Medium-Term Economic Plan (OVP), which will soon be renamed.

In June, the U.S. Senate passed a bill prohibiting Turkey from buying F-35 fighter jets because of Brunson's imprisonment and Turkey's purchase of Russia's S-400 air defense system. "It just shows the importance of the evangelical vote in the U.S.as it heads to midterms".

Without naming countries, Erdogan said supporters of a failed military coup two years ago, which Ankara says was organized by a US -based Muslim cleric, were attacking Turkey in new ways since his re-election two months ago to a new executive presidency.

Turkey's economic woes worsened after US President Donald Trump escalated a feud with Turkey by doubling tariffs on metals imports.

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Harsher US tariffs were likely to punish Turkey's already faltering steel exports to the United States.

Q: How is the fall in the lira a problem?

The Turkish currency fell more than 18 percent on Friday, increasing its costs to import raw materials, but making exports relatively cheaper. So the sudden fall raises the possibility of corporate bankruptcies or bank failures that could hurt the economy.

Axios reported that the Turkey is trying to lessen their dependence on Russian Federation, and the increased sanctions will make their goal more challenging to reach.

However with president Erdogan now pursuing the growth policy which got him re-elected, he favours keeping rates low to stoke domestic growth.

"Emerging market economies move more aggressively; the knee-jerk reaction is stronger". Any resumption of serious migrant flows from Turkey would be a big political issue in Europe, where opposition to immigration has fueled the rise of right-wing parties such as Itay's League and the Alternative for Germany.

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Politically, Turkey's finance minister continues to try to say the right things, including that the country will embrace a tightened fiscal policy in the coming months to achieve the strategic goal of "economic balance". At one point during the day, it had fallen more than 20 percent.

"A US-induced crisis in Turkey will create a new martyr in the region, with far-reaching consequences which American congressmen and President Trump do not foresee", Bulent Gultekin, a professor at the Wharton School of the University of Pennsylvania and the former Turkish Central Bank governor, told MEE.

Q: What is Erdogan proposing to do?

The Turkish president called on Turks to exchange dollars, euros and gold for Turkish lira.

"This is a domestic and national struggle".

His finance minister later promised that the central bank would remain independent and that inflation would come down. With little by way of detail, the promises failed to soothe markets. There wasn't much Eurozone data released over the past week but the few reports we had were far from impressive as factory orders and industrial production in Germany tumbled.

Erdogan says attempts to exert economic pressure on Turkey futile
The new US tariffs on Turkey are against the rules set by the World Trade Organization (WTO), the Trade Ministry said on Friday. People pass in front of into a jewellery shop where gold bangles are on display in Istanbul on August 8, 2018.

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