Turkish lira tumbles to fresh low

Turkish lira tumbles to fresh low

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%.

Barcelona midfielder Andre Gomes joins Everton on loan
Bernard , also 25, has signed a four-year deal with the Merseyside club after his contract at Shakhtar ran out in June. Marco Silva's Everton side brought in two new wingers this summer, in a busy transfer window.

God of War's New Game+ mode gets a release date
At the same time, New Game+ won't be locked to any previous difficulty settings; it can be as easy or hard as players choose. Lastly, users can now skip all of the in-game cinematics in normal and New Game Plus after they've beaten the game once.

What you need to know to see this weekend's big meteor shower
Even though this may be somewhat of a down year, the Perseids still typically are one of the best meteor shows of the year. To make the best of the meteors, observers should avoid built-up areas and try to find an unobstructed view to the east.

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.

Related:

Comments

Latest news

At least 4 people dead in shooting, Canadian police say
Shooting took place in the city of Fredericton where police urging people to stay inside and lock doors. About five minutes later, he could hear similar noises near his home.

Hilarious reason new Winnie the Pooh film is banned in China
Most of " Christopher Robin ", a new Winnie-the-Pooh movie starring Ewan McGregor, is the story of a midlife crisis. Chinese authorities do not provide reasons to Hollywood studios when they reject their movies, the source said.

Mourinho loses power battle as United board opt against defensive signings
However, Eurosport understand from reliable sources close to the club that Pogba has not made any financial demands to the club. Manchester United boast a great record against the Foxes in their own backyard.

USA justification for sanctions 'far-fetched' - Russian Federation
The Post concluded it is likely an attempt to stave off far more punitive sanctions legislation now being considered in Congress. The US has imposed sanctions on Russian Federation after concluding that Moscow was behind the Salisbury nerve agent attack .

Courtney Smith Says OSU Never Contacted Her About Domestic Abuse Allegations
In a statement obtained by USA TODAY Sports on Tuesday morning, Julia Leveridge said Ohio State has "never contacted Ms. It seems like we're getting news on the situation at Ohio State nearly daily, and we have more today.

Hoops coach pleads not guilty in tourist death
Police arrested Jones, of Kernerville, North Carolina, on Thursday and charged him with third-degree assault. According to multiple reports , Szabo knocked on multiple auto windows while looking for an Uber.

Stills, two other Dolphins protest during anthem
The Dolphins players weren't the only ones to renew their protests as the preseason began Thursday night. Michael Bennett walked out of the tunnel during the playing of the anthem and headed to join his team.

Israel strikes targets in Gaza Strip, 3 killed
The military said 30 of the some 180 rockets and mortars fired at Israel were intercepted by air defence systems. But it has come under heavy worldwide criticism for its frequent use of force against unarmed protesters.

We Do Not Shadow Ban for Political Views — Twitter CEO
But Web users can still access Infowars through its website and through the same tech companies that just banned it. Spotify, YouTube, and Facebook have all only removed several individual broadcasts by Jones.

Manchester United want to rush through deal for Sergej Milinkovic-Savic
Lazio President Claudio Lotito will not consider any offers for the midfielder that are below €120m. "So far no one has come forward".

Kawhi Leonard pens thank you letter to San Antonio Spurs
There was speculation that Leonard would not play for Toronto, as his preference was to head to Los Angeles and play for the Lakers.

North Korea slams U.S. for lacking ‘basic decorum’ in nuke talks
Secretary of State Mike Pompeo was prepared to return to North Korea for another meeting with Kim. The United States was "attempting to invent a pretext for increased sanctions against the DPRK".

Melania Trump's parents get U.S. citizenship
Green cards can also be obtained through employment, receiving asylum or refugee status, or in other special circumstances. Viktor Knavs was a vehicle salesman in the Slovenian town of Sevnica, while his wife Amalija worked at a textile factory.

Yerry Mina reveals World Health Organization convinced him to sign for Toffees
Everton have agreed a deal to sign Yerry Mina , the defender leaving Barcelona after an unhappy six-month spell in La Liga. Yerry Mina and André Gomes posed together in Everton shirts after arriving in Liverpool.

Stephen Curry: Donald Trump's LeBron James Tweet Racist
He's shown he cares about America's youth and understands the power of public education in helping children meet their true potential.

Other news