Turkish lira plummets again hits record low

Erdoğan has today threatened to boycott American-made electronic goods in response to USA sanctions against Turkey that sent the value of its currency, the lira, into freefall.

"We will boycott electronic goods from the United States", the president said, raising the stakes in a spat with Washington following the detention of U.S. pastor Andrew Brunson on terror-related charges.

A senior State Department official referred questions to the White House and declined to say whether Brunson's case had to be resolved before there could be progress on other issues.

"Once we got into August there was quite a bit of selling (of the euro), and it accelerated with the Turkey situation", said Wakabayashi.

Ankara has sharply increased tariffs on certain U.S. imports, some of them more than double, in response to Washington's "deliberate attacks" on the Turkish economy amid a widening dispute between the two North Atlantic Treaty Organisation allies.


Erdogan has been repeatedly photographed with Apple products including the iPhone and iPad.

He also made his now famous speech on the night of the July 2016 failed coup calling citizens out into the street through Facetime, an iPhone app. The Trump administration announced plans on Friday to double USA tariffs imports of steel and aluminum from Turkey.

"Together with our people, we will stand decisively against the dollar, forex prices, inflation and interest rates".

"The issue of using national currencies in bilateral trade operations is a topic that has been raised by the Russian side for a long time and consistently at various levels, including at the top level", said Kremlin spokesman Dmitry Peskov. 'What do you want to do?

The Turkish central bank has promised that Turkish banks will have all the money they need.


The Turkish lira had seen a significant drop over the past weekend and Turkeys central bank has said its ready to take all necessary measures to ensure financial stability after the collapse.

While public agitation over the fate of Brunson serves Trump's domestic political agenda, appealing to his Christian right base, the real motives for the drive to bring the Turkish economy to its knees lie in the bid by U.S. imperialism to shift its own crisis onto the backs of both its enemies and supposed allies by means of trade war, economic sanctions and direct military confrontation. Retail investors in Turkey are understood to have sold $50m (£39m) to $60m in foreign currency with the jump in the lira exaggerated by thin trading volumes, according to Bloomberg.

On Wednesday, the lira traded at 6.4125 to the U.S. dollar, weakening from a close of 6.3577 a day earlier.

Albayrak will hold the teleconference with foreign investors and convey the messages related to recent economic developments in the country. Trump's top national security aide warned Turkey's ambassador on Monday that the US has nothing further to negotiate until Brunson is freed, according to two people familiar with the matter.


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