Turkish lira steady despite new threats from Trump
Turkish lira steady despite new threats from Trump
Cryptocurrency Market Loses $43 Billion in Five DaysCryptocurrencyAltcoin News By Osato Avan Nomayo Last updated Aug 13 2018
17 August, 2018, 16:40
The dispute between Turkey and the United States was sparked by a row over the detention of American pastor Andrew Brunson, who was jailed almost two years ago in the crackdown that followed a failed military coup.
Referring to Brunson, Trump said: "They have a great Christian pastor there, he's a very innocent man".
On Wednesday, Turkey announced tariff hikes on a range of US goods, including imports of vehicles, alcohol, coal, rice and cosmetics.
This is mainly due to the firm dollar which is seen strengthening against a basket of emerging market currencies for quite some time now and has in fact stood close to its recent peak.
Treasury Secretary Steven Mnuchin suggested during a cabinet meeting on Thursday that the next spiral of tit-for-tat sanctions was coming soon, deepening a spat that has rattled financial markets, if Andrew Brunson is not released by Turkey.
"Turkey will emerge stronger from these (currency) fluctuations", said Albayrak, who is also Erdogan's son-in-law.
The growing tensions between Washington and Ankara have sent the Turkish currency tumbling to historic lows.
"The tariffs that the United States placed on Turkey were out of national security interests".
As NPR explained in a primer on the dispute, much of the ill will shared by Turkey and the US stems not only from the back-and-forth on tariffs, but also from a diplomatic dust-up centered on two men of faith. Ankara also wanted Washington to hand over Turkish cleric Fethullah Gulen, who lives in Pennsylvania and who Turkey suspects of plotting the coup against Erdogan.
Economists gave Albayrak's presentation a qualified welcome and the lira initially found some support, helped by Qatar'spledge to invest $15 billion (£11.8 billion) in Turkey. Worse, Trump's tariff increase signalled heightened tensions and the potential for escalating economic warfare between the US and Turkey - which did not exactly inspire confidence in the Turkish economy.
Turkey has the highest foreign exchange-denominated debt among emerging markets, Societe Generale said in its note on Friday, estimating its short-term external debt at $180 billion (£141.6 billion) and total external debt at $460 billion (£361.9 billion).
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