Why the Collapse of the Turkish Lira Matters

Greek lieutenant Aggelos Mitretodis and noncommissioned officer Dimitros Kouklatzis were arrested in Turkey

President Erdogan tried to stem currency losses on Friday by urging Turkish citizens to fight the economic war against other countries and use foreign currencies and gold to buy lira.

"Aluminum will now be 20 percent and Steel 50 percent".

Consistently deteriorating relations between the USA and Turkey over recent years have risen to alarming levels, dealing a severe blow to both Turkey's economy and its currency.

But Israel released that woman last month, and pastor Andrew Brunson of North Carolina remains in a Turkish prison. Trump said in an early Friday morning post on Twitter.

Turkish Deputy Foreign Minister Sedat Onal (2nd-L) leaves after a meeting with U.S. Deputy Secretary of State John Sullivan at State Department in Washington, U.S., August 8, 2018, without reaching an agreement.

President Recep Tayyip Erdogan says his government "will not lose the economic war".

Erdogan added that Turkey was not afraid of "threats" and said it had many alternative sources of economic cooperation "from Iran, to Russian Federation, to China, and some European countries".

Turkey's massive debt obligation to other countries is evident in the extraordinarily large percentage of its debt that is denominated in foreign currencies. "Don't worry", Erdogan told a crowd in the northeastern city of Bayburt. "Repeated efforts to communicate to the U.S. administration that none of the stated criteria driving America's tariffs are applicable to Turkey have thus far proven fruitless", he said.

"The dollar can not block our path".

The Turkish lira hit an all-time low against the dollar on Friday, and there are growing concerns that the country's economic troubles could spread to the eurozone.

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In 2016, when the dollar began to rise, the Grand Bazaar said it had made a decision to accept rent in lira to support the Turkish economy.

The fall of the lira has accelerated dramatically in 2018, but Friday's one-day collapse far eclipsed any previous slide.

So, to hike tariffs on Turkey, Trump needed a reason why maintaining America's domestic metal industry required imposing even steeper tariffs on Turkish exports than were already in place.

Turkey, a North Atlantic Treaty Organisation ally, him on trial for espionage and terror-related charges linked to a failed coup attempt in the country two years ago.

The lira, which has lost more than 40 percent this year, hit a new record low after Trump took steps to punish Ankara in a wide-ranging dispute.

'However, I say it once again from here.

"If they have their dollar, we have the people, we have Allah", he said, as the lira continued to fall.

He subscribes to the completely backward theory that lower interest rates cause lower inflation, which, now that he's given himself the power to pick the country's top central banker and made his son-in-law the finance minister, is actually being put to the test. Spoiler alert: It is not going well. Erdogan has been putting pressure on the central bank to not raise interest rates in order to keep fueling economic growth.

The day saw the lira plunge as much as 18% at one point, the biggest one-day drop since Turkey's 2001 financial crisis.

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