Erdogan says crash of lira ‘political plot’ against Turkey

13 Agosto, 2018, 08:46 | Author: Kelly Blake

Turkey's President Tayyip Erdogan addresses his supporters in Bayburt, Turkey, on August 10, 2018.

In an interview with Hurriyet newspaper published online, Albayrak described the lira's weakness as "an attack", echoing President Tayyip Erdogan - who is his father-in-law - but he said Turkey's action plan was ready.

"Interest rates should be kept to a minumum because they are a tool of exploitation that makes the poor poorer and the rich richer", Erdogan said in a speech in the Black Sea city of Rize.

"We are once again facing a political, underhand plot". "What is the reason for all this storm in a tea cup?" There is no economic reason.

In a call with reporters late Sunday Turkey's finance minister Berat Albayrak said Ankara was planning to roll out an "action plan" on Monday in response to the crisis.

Mr. Erdogan's remarks also knocked back investors' expectations of a rate hike from the central bank.

On the brink of a full-blown currency crisis, Turkey's lira plunged to a record low on Friday, tumbling as much as 18 percent in its biggest daily drop since 2001.

The lira weakened past 7.23 per U.S. dollar in early Asian hours before paring losses after the nation's Banking Regulation and Supervision Agency stepped in to limit swap transactions on the battered currency.

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"I am specifically addressing our manufacturers: Do not rush to the banks to buy dollars", he said. Do not take a stance saying, "We are bankrupt, we are done, we should guarantee ourselves.' If you do that, that would be wrong".

He added that businesses should "know that keeping this nation alive and standing isn't just our job, but also the job of industrialists, of merchants". "Our relations with Turkey are not good at this time!"

Turkey's detention of Andrew Brunson on security-related charges is one of a series of disputes at the heart of deteriorating ties between the two countries. Turkey last month released the evangelical preacher from a prison, but is still detaining him under house arrest pending his trial, despite the demands of the U.S.

The White House said Mr Trump had authorised them under a section of United States trade law that allows for tariffs on national security grounds.

US President Donald Trump on Friday announced the US was doubling tariffs on steel and aluminium imports from Turkey, saying relations with Ankara were "not good at this time". "Relations with countries who behave like this have reached a point beyond salvaging", said Erdogan, who warned of "economic war".

In the last two years, the Turkish government has increasingly used the detainment of people with USA or dual citizenship to try to force the United States to give into its demands.

"They tell us to release the priest by Wednesday 6pm, otherwise the sanctions will begin", Mr Erdogan said, revealing details of talks between the North Atlantic Treaty Organisation allies in Washington on Wednesday.

Calling on the US, Erdogan said: "It is a shame".

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