Turkish lira tumbles to fresh low

Erdogan says attempts to exert economic pressure on Turkey futile

'This is a national, domestic battle.

President Trump and Turkish President Recep Tayyip Erdogan appear in the Roosevelt Room of the White House on May 16, 2017. "The dollar, the mollar, will not cut our path", said Erdogan using a figure of speech he repeatedly uses to mock something. "Don't worry", Erdogan assured the crowd. The Washington Post reported last month that Turkey's exact demands were unknown, but Ankara had a long list of complaints, including the United States' unwillingness to extradite a Turkish citizen who Erdogan claims is responsible for a failed 2016 coup attempt.

Turkey has vowed to retaliate, but its currency has steadily weakened in recent months, removing some of the bite of the tariffs by making Turkish goods cheaper for US consumers.

The tensions with Washington have, for investors, underscored Turkey's authoritarian trajectory under Erdogan.

Tukey's Treasury and Finance Minister Berat Albayrak speaks at an event introducing the "new economic model" at the Dolmabahce Palace in Istanbul on Aug 10, 2018. It is obvious how it will be done: "since the final decision-maker of all policies in the new regime is the president, the responsibility of regaining confidence is on his shoulders". 'On some days, I end the day with a loss'.

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The Lira touched a historic low versus the U.S dollar.

Shares in France's BNP Paribas, Italy's UniCredit and Spain's BBVA, the banks seen as most exposed to Turkey, fell 4 per cent or more.

Wider concerns about President Erdogan's expanding powers, especially over monetary policy, have taken chunks out of the value of lira this year.

The energy sector dropped 0.8 per cent and the financial sector lost 0.5 per cent. Such relentless depreciation drives up the cost of imported goods from fuel to food for ordinary Turks.

The turmoil threatens to scare away the foreign capital that Turkey depends on to finance its large external deficit, and hampers companies' ability to repay foreign-currency loans.

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"Turkey is playing a very unsafe game. Selling more elsewhere would offset some of the hypothetical decline in eurozone exports to Turkey".

The lack of central-bank action to support the currency is also spooking investors and Erdogan's previous comment that interest rates are the "mother and father of all evil" hasn't helped.

On the energy front, crude prices dropped on growing concerns that global trade disputes will slow economic growth and demand for fuel, but losses were limited by United States sanctions against Iran which look set to tighten supply.

'However, I say it once again from here.

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