Turkish lira tumbles to fresh low

Erdogan says attempts to exert economic pressure on Turkey futile

In case you missed it, Erdogan made some comments earlier in the day that were more hopeful than anything else - suggesting that he may not go hard on details to stem the rout seen in the lira.

The Turkish lira has fallen to a new record-low this morning, as much as 12 per cent in one day, amid the souring of diplomatic relations with the U.S. and a deepening monetary policy crisis.

Versus the euro on Friday the lira lost 7.0 per cent to trade at 6.8.

Markets are anxious about a deepening fallout between Washington and Ankara over the detention of U.S. pastor Andrew Brunson on terror charges, as well as other issues.

Deepening investor concerns about Turkey's authoritarian trajectory under President Recep Tayyip Erdogan and the economic fallout have also weighed on the currency. "The lira will keep falling if they don't hike rates today".

Turkey's benchmark one-week repo rate is now 17.75%.

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Inflation stands at almost 16% but Turkey's central bank is reluctant to act - especially with the president having described himself as an "enemy of interest rates". Erdogan said China, Mexico, Russia and India will be new markets for his country's exports.

He said the lira's fall was being exacerbated by fears the central bank "isn't being permitted to raise interest rates".

More broadly, concerns over the sickly Turkish economy's wider impact were intensified Friday by a report in the Financial Times that the supervisory wing of the European Central Bank had began to look more closely at eurozone lenders' exposure to the country.

The report said that the situation is not yet seen as "critical" but Spain's BBVA, Italy's UniCredit and France's BNP Paribas are regarded as particularly exposed. "Now all of a sudden a currency crisis in Turkey could trigger another dimension to their own financial problems".

Turkey will adopt a new economic approach under its executive presidency, one that will be decisive, sustainable and based on a "strategic mentality", Treasury and Finance Minister Berat Albayrak said on Friday. "Don't forget this: if they have got dollars, we have got our people, our right, our Allah", he was cited as saying.

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