Turkish Currency Lira Plunges As Trump Piles On The Pressure

An investor looks at an electronic board showing stock information at a brokerage house in Shanghai China. Aly Song Reuters  File

An investor looks at an electronic board showing stock information at a brokerage house in Shanghai China. Aly Song Reuters File

Turkey wants the U.S. to extradite cleric Fethullah Gulen, a Pennsylvania-based cleric who Turkish authorities say masterminded the coup attempt in which 250 people were killed. "This is Turkey", he said.

President Donald Trump said he had authorised higher tariffs on imports from Turkey, imposing a 20 percent duty on aluminium and 50 percent one on steel.

Erdogan had on Friday held a phone call with Russian President Vladimir Putin to discuss economic and trade issues as well as the Syria crisis.

A Turkish court has agreed to move Brunson from prison to house arrest over health concerns, but it still does not allow him to return to the United States.

Loyal supporters of President Erdogan are also blaming the United States for the lira's crash - as the newly re-elected president appears to maintain his popularity.

In a second speech, this time in the Black Sea city of Rize, Erdogan ruled out any change in the country's interest rates policy.

Paul Greer at Fidelity International said dramatic interventions were now needed as Turkey faced a "downward spiral" of investor confidence.

The president is "not happy with Turkey's decision not to release Pastor [Brunson]", White House press secretary Sarah Sanders said. But Mr Erdogan indicated he was in no mood to offer concessions to the United States, or financial markets.

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"I am asking you".

Meanwhile, Atlantic Council Middle East expert, Aaron Stein, claims Erdogan might have made an error in overestimating his importance to President Trump, adding that if Turkey denied the United States access to the Incirlik military base, with which the USA has strategic interests, such a move would invoke the wrath of NATO allies. In early Asian trading Monday, the lira fell to a record low of 7.06 against the dollar.

"We know very well that the issue is not the dollar, the euro or gold".

That indicates that people are buying dollars and euros, not selling them off - and that they're not finding buyers in lira, anyway. "You are exchanging your strategic partner in North Atlantic Treaty Organisation for a priest". Immediately give these to the banks and convert to Turkish lira and by doing this, we fight this war of independence and the future.

Turkey's presidential spokesman, Ibrahim Kalin, also said Saturday that Washington risked losing Ankara as an ally if USA policies against Turkey continued.

The president also mentioned US support for the PKK's Syrian affiliate, the People's Protection Units (YPG) in northern Syria, as another source of frustration. He wrote and Washington's unilateral actions against Turkey undermine American interests and force Ankara to search for new allies. It is host to a critical part of the Western alliance's missile defense system again Iran.

Last week the USA government announced sanctions against Turkey's interior and justice ministers, to which Ankara responded by freezing the assets of two American officials in Turkey.

Iran's Foreign Minister Mohammad Javad Zarif waded into the mounting row, accusing Washington of an "addiction to sanctions and bullying".

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