Turkish lira hits record low amid financial panic, rising United States tensions
Turkish lira hits record low amid financial panic, rising United States tensions
Mario Draghi the governor of the European Central Bank
11 August, 2018, 13:55
The new duties on Turkey are double the level that Trump imposed in March on steel and aluminum imports from a range of countries.
Alan Madison, a spokesman for Borusan Mannesmann's USA subsidiary, said the company and its Turkish parent were still studying Trump's new proposal and declined to comment further.
Turkey delivers just 4 percent of steel mill imports, valued about $1.18 billion previous year, according to the US Department of Commerce.
President Trump seems to think that Turkey has been trying to take advantage of us by having an economic crisis that's sent their currency tumbling.so he's taken steps to make it tumble even more? On Friday, Trump announced he would double aluminum and steel tariffs on the North Atlantic Treaty Organisation ally.
President Tayyip Erdogan told Turks on Friday to exchange gold and dollars into lira as the country's currency plunged as much as 14 percent on worries about his influence over monetary policy and worsening relations with the United States.
For a start, investors are anxious that Turkish companies that borrowed heavily to profit from a construction boom may struggle to repay loans in dollars and euros, as the weakened lira means there is now more to pay back.
The lira tumbled 14 per cent in one day, to 6.51 per dollar, a massive move for a currency that will make the Turkish poorer and further erode worldwide investors' confidence in the country.
"Erdogan's aim is to improve the economic position of households", she said, adding the government wanted to "keep the music playing" even as external and internal imbalances grow. "This will be my nation's response to those who have declared an economic war", Erdogan said during the rally.
A favourable exchange rate though can't have harmed the situation: on Friday, the USA dollar would buy nearly six Turkish lira; at the end of January, it would have got you less than four.
Earlier this week, a Turkish delegation returned from Washington with no movement on the detention of American pastor Andrew Brunson, who is under house arrest in Turkey over terrorism charges.
It is possible that Trump cited the lira's decline as a mere pretense for pressuring Turkey to release the American pastor.
Turkey's woes also shook world markets, pushing down stock indexes.
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Adding to investors' concerns, Erdogan pledged a continuation of his debt-fueled construction policy to boost the economy, which is blamed for Turkey's rampant inflation and has added to currency weakness.
"I have full confidence in this government, I'm sure it will find a way out and reverse the trend", said Erdogan supporter Sabahattin.
Such factors could lead regulators to ask a bank like UniCredit - which is exposed to both Turkey and Russian Federation - to set aside more capital against those risks, Credit Suisse Group AG analysts led by Carlo Tommaselli said in a note.
The Lira touched a historic low versus the U.S dollar.
These tensions and tariffs indicate a deterioration of the U.S.
"While Turkey's fundamental challenges are numerous, there are plenty of straightforward textbook solutions.an aggressive interest rate hike from the Central Bank would be a good start, something of the order of +1,000bp that Argentina delivered back in May would be appropriate at this juncture".
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