Turkey pledges action to calm markets

President Donald Trump

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

"All our action plan and measures are ready", he said, but did not provide details on what those steps would be.

"The traditional solutions as interest rates' hikes will not tackle this issue", Abu Basha explained, saying that the tLira's plummet has a very deep geopolitical dimension, which caused the Turkish currency to lose about 50% of its value in 2018.

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.

Recep Erdogan once again urged Turks to sell dollars and buy liras to help boost the currency.

"It is wrong to dare bring Turkey to its knees through threats over a pastor", Erdogan said in the Black Sea town of Unye.

Without naming countries, Erdogan said supporters of a failed military coup two years ago, which Ankara says was organised by a US-based Muslim cleric, were attacking Turkey in new ways since his re-election two months ago.

He has also dismissed any suggestions that Turkey might intervene in dollar-denominated bank accounts, saying any seizure or conversion of those deposits into lira was out of the question.

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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.

Prior to Trump's announcement, the Turkish lira fell to its lowest point ever against the us dollar on Friday.

Turkey's currency fell Friday after its economy was rattled by the United States' move to slap the country with more tariffs.

"I am specifically addressing our manufacturers: Do not rush to the banks to buy dollars". "We have seen your play and we challenge you". "You should know that to keep this nation standing is. also the manufacturers' duty", he said. As the currency continued to fall, United States President Donald Trump announced on Friday he had doubled steel and aluminum tariffs on his North Atlantic Treaty Organisation ally before admitting that relations between Washington and Ankara were "not very good".

Last week, a Turkish delegation went to Washington and met with USA counterparts, but there was no breakthrough. 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).

After Mr. Brunson had been in jail for nearly 20 months, a court in July ordered him to be moved to house arrest.

Trump and Erdogan have discussed Brunson's imprisonment "on several occasions", White House spokesman Sarah Sanders said at the time, adding that Trump is "not happy with Turkey's decision not to release" the pastor. The official said diplomacy on the issue continues.

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