Turkey's finance chief: Action plan ready to ease markets

Sergio Conner
August 13, 2018

The Turkish strongman also lashed out at interest rates, denounced them as a "tool of exploitation" which should be kept as low as possible. On Thursday Ergodan said Turkey will withstand the economic pressure.

But President Recep Tayyip Erdogan, who had remained unusually silent until the lira crisis deepened, urged his fellow countrymen to take matters into their own hands.

Brunson's confinement has been one of a series of issues tearing at the ties between the United States and Turkey, a fellow member of North Atlantic Treaty Organisation.

He also said it was wrong of the United States to try to bring Turkey into line with threats, a day after Trump doubled tariffs on steel and aluminium imports from Turkey.

Erdogan said during an address to supporters: "Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks". "I am calling on those in America again".

Trump announced the punitive doubling of tariffs on Twitter, with the White House saying the sanctions would take effect from August 13. According to a source in Erdogan's office, the two said they were pleased with the positive direction in their economic and trade ties and with the ongoing cooperation in the energy and defense sectors. But experts argue that the central bank should instead raise interest rates to ease inflation and to support the currency. The White House said he had authorised them under a section of USA trade law that allows for tariffs on national security grounds.

North Atlantic Treaty Organisation uses the Incirlik Air Base in Turkey to fight against IS and there has been some domestic pressure on Mr Erdogan to close it. It was trading at 7.09 against the United States dollar before recovering some of the losses.

The lira's free-fall was the result of a plot and did not reflect Turkey's economic fundamentals, he said. On Friday, The New York Times published an article by Erdogan himself.

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

Turkish President Recep Tayyip Erdogan said in a speech that the drop was part of a "campaign" led by foreign powers against the nation.

The sanctions will freeze the United States assets of Turkey's minister of justice, Abdulhamit Gul, and its minister of interior, Suleyman Soylu.

"The US runs the risk of losing Turkey as a whole", he wrote.

"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.

Iran has also suffered a major tumbling of its currency this year partly over the reimposition of United States sanctions after Trump abandoned the 2015 nuclear deal.

From left, Iranian President Hassan Rouhani, Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan shake hands past year. In each case, the government cited the detainee's alleged (and unsubstantiated) involvement in the failed coup or affiliation with the Gulen movement, the uprising's suspected instigator.

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