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

13 August, 2018, 04:40 | Author: Wade Massey
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That is two times the level announced earlier this year in March.

"Unless the United States starts respecting Turkey's sovereignty and proves that it understands the dangers that our nation faces, our partnership could be in jeopardy", he wrote.

Oil prices were mixed with Brent off 11 cents at $72.70 a barrel (LCc1), while US crude was flat at $67.63 (CLc1).

The Trump administration threatened to impose additional sanctions on Turkey if it did not meet the deadline, Erdogan said.

The Euro opened this week's trading session gapping lower against its U.S. counterpart, responding to the Turkish Lira's sharp downturn last week.

The lira extended its losses to trade at 6.2 to the dollar, a loss of 11.5 percent on Friday. The lira fell further as Erdogan spoke.

Chase chief economist Anthony Chan discusses whether the drop in Turkey's lira will impact emerging markets. The weakened currency's value has helped increase inflation and anxious global investors.

The slump is attributed to the tensions with the USA and concerns about President Recep Tayyip Erdogan's control of monetary policy.

President Donald Trump said on Friday he'd authorised higher tariffs on imports from Turkey.

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Erdogan had on Saturday described interest rates as a "tool of exploitation", in remarks that may not be warmly welcomed by the markets. But experts argue that the central bank should instead raise interest rates to ease inflation and to support the currency. Negotiations failed to achieve the desired results, prompting the Turkish government to try more aggressive tactics, regardless of their costs to the country's economy and worldwide standing.

President Trump's sanctions saw the Turkish lira plummet to a risky low, causing a financial crisis that has also threatened to destroy Europe after it triggered concerns with banks in Spain, Italy and France.

People change money at a currency exchange office in Istanbul, Turkey, Aug. 10, 2018. Following the tweet, Turkey responded by imposing duties on $1.8 billion in USA goods including coal and paper.

One of the hard issues affecting U.S.

Brunson is now on trial in Turkey for espionage and terror-related charges linked to a failed coup attempt in the country two years ago.

Turkey has accused Andrew Craig Brunson of spying and "committing crimes on behalf of terror groups without being a member".

In return for Brunson's release, for example, Erdogan has explicitly demanded that the United States extradite Fethullah Gulen, the Muslim cleric allegedly responsible for the 2016 coup (though Turkey has failed to convince US justice officials of Gulen's role in the revolt).

Andrew Craig Brunson, an evangelical pastor from Black Mountain, North Carolina, arrives at his house in Izmir, Turkey, in July. "This is Turkey", he said.

Asli Aydintasbas, senior fellow with the European Council on Foreign Relations, stated that Erdogan's speech "was clearly defiant", but Turkey's economic situation continues to appear ever more dire.

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