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techkenyot.com September 21, 2018


Erdogan says lira crash 'political plot' against Turkey

13 August 2018, 04:37 | Glen Norman

Erdogan says lira crash 'political plot' against Turkey

Erdogan says lira crash 'political plot' against Turkey

Relations between the two North Atlantic Treaty Organisation allies have sunk to their lowest point in decades over a string of issues including the detention of United States pastor Andrew Brunson on terror-related charges, prompting the lira to hit record lows against the dollar.

It hit a record low after Trump announced he had authorised higher tariffs on imports from Turkey, imposing duties of 20% on aluminium and 50% on steel.

'The aim of the operation is to make Turkey surrender in all areas from finance to politics, ' Erdogan told his party members in the Black Sea city of Trabzon.

Iranian Foreign Minister Javad Zarif said: "Trump's jubilation in inflicting economic hardship on its North Atlantic Treaty Organisation ally Turkey is shameful. You prefer a pastor to a strategic ally of yours in North Atlantic Treaty Organisation".

"As he stated, the president has authorized the preparation of documents to raise tariffs on imports of steel and aluminum from Turkey", White House Deputy Press Secretary Lindsay Walters said. "We care about the law, the language of the law", he said about the USA policy during a rally in the Black Sea city of Ordu hit by floods that harmed hundreds of homes and businesses.

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Markets have been deeply concerned about the direction of domestic economic policy under Erdogan with inflation hovering around 16% as the central bank refuses to raise interest rates in response. "If there are euros, take these out ... immediately give these to the banks and convert to Turkish lira and by doing this, we fight this war of independence and the future. If European countries want to get rid of the dollar pressure, we are ready to create a similar system with them", Anadolu Agency quotes him as saying.

Albayrak also said a plan has been prepared for banks and the real economy sector, including small to mid-sized businesses, which are most affected by the foreign exchange fluctuations.

Against the us dollar, the euro touched its lowest since July 2017 at $1.13715 (EUR=D3). "Hopefully we will overcome this disaster and we will also successfully overcome this economic war", Erdogan said.

In an opinion piece published in The New York Times on Friday, Erdogan criticised the tensions with the USA, saying a "failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies".

The United States is the biggest destination for Turkish steel exports with 11% of the Turkish export volume.

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The US responded by slapping sanctions on Turkey and threatening more. "This is Turkey", he said.

"The US has to rehabilitate its addiction to sanctions (and) bullying or the entire world will unite - beyond verbal condemnations - to force it to", he warned.

On Friday, Erdogan spoke by telephone with Russian President Vladimir Putin.

Turkish authorities arrested Brunson in December 2016, claiming that he was a spy and was linked to a failed plot to overthrow the government.

Photo American Christian pastor Andrew Brunson is on trial in Turkey on terrorism charges.

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