Turkish lira tumbles to fresh low

Recep Tayyip Erdogan

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%.

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.

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.

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.

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

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.

Hundreds evacuated by helicopter from flooded campsites in France
The Europe-wide heatwave sent the mercury above 113F (45C) last weekend, intensifying wildfires that began last Friday. A spokesman for Gard Prefectures said: "It is hoped the flooding will reach its peak by around 11pm on Thursday".

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 .

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.

Jose Mourinho aims early dig at 'serial winners' Liverpool and Tottenham
We spoke to Kompany and Walker and they seem so intent to not drop below the mentality and standards they achieved previous year . Manchester United have a front six of Mata, Lingard, Lukaku, Rashford, Martial and Sanchez.

Death toll after Lombok quake rises to 259
It also reported a 5.4-magnitude quake at 2.21am on Tuesday, close to the site of Sunday's 6.9-magnitude quake. Kurniawan Eko Wibowo, a doctor at the field hospital, said most patients had broken bones and head injuries.

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.

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.

Baker Mayfield’s First NFL Preseason Game Is Over
Taylor and Landry are the faces of an influx of talent this offseason following the franchise's first winless season. In the meantime, former Buffalo Bills signal-caller Tyrod Taylor will start and serve as Mayfield's mentor.

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".

Liverpool vs. Torino - Football Match Report
Liverpool come into the season full of confidence, backed by the big spend of Jurgen Klopp throughout the window. But for tonight, the two available played.

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