Turkey will emerge stronger from lira crisis, finance minister tells investors

Daniel Fowler
August 16, 2018

Erdogan has also called on Turks to help defend the country against the USA economic war on the nation, appealing to Turkish people to exchange dollars and gold for lira to support the lira.

Turkey's flag carrier Turkish Airlines inked a 11-billion-U.S. -dollar deal a year ago to buy jets from the American company.

'Yet at the same time (Turkish authorities) are reluctant to adopt orthodox policy frameworks, ' JP Morgan said.

On Wednesday Erdogan met for more than three hours with Qatar's Emir, who approved a package of economic projects, investments and deposits worth $15 billion.

In a rare joint show of force, the Trump White House and the U.S. State Department has been operating in sync, which wouldn't be unusual during a normal presidency, but is exceptionally weird for the Trump regime. In response, Erdogan has called for a boycott of United States electrical goods while Ankara has sharply hiked tariffs on some United States goods. "I'm looking for something that's secondhand".

Some feel Erdogan's signal in his article titled "How Turkey Sees the Crisis with the U.S." that Ankara is not without options aims more to please the public. It said the southeastern Turkish city of Gaziantep has halted imports of American brands and products.

Erdogan has said Turkey is the target of an economic war, and has made repeated calls for Turks to sell their dollars and euros to shore up the currency.

An evangelical from North Carolina, he has been held in Turkey for almost two years over alleged links to the outlawed Kurdistan Workers Party and the Gulenist movement, which Turkey blames for a failed coup in 2016.

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The Turkish lira has fallen to record lows in recent weeks, losing about 42% so far this year.

U.S. President Donald Trump doubled tariffs on Turkish metal exports to the United States last week.

Erdogan issued the call and announced a massive hike in tariffs on US goods this week after the USA raised tariffs on Turkish imports and aimed new sanctions at Turkish officials in the row over American Pastor Andrew Brunson, who remains under house arrest pending his trial in Turkey on charges of espionage and terrorism.

Turkish Treasury and Finance Minister Berat Albayrak Thursday said that the country knew all its domestic challenges and will come out of the current market volatility stronger, reported local press. The two countries fell out during the election over Berlin's refusal to let Turkish politicians campaign on German soil.

One Ankara resident, Aydin Cavus, said consumer prices are "normal right now" while another shopper said inflation was hitting hard, reflecting mixed impressions about the looming impact of Turkey's financial challenges.

Michael Hewson, chief market analyst at CMC Markets UK, warned the Turkish tariff hikes risked provoking a new reaction from Trump and ultimately adding to downward pressure on the lira.

"Everyone has taken out the gold they've been hiding under their pillows", said jewelry shop owner Tuncay Lus.

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