Trump doubles tariffs on steel, aluminum from Turkey

Trump doubles tariffs on steel, aluminum from Turkey

In modern economies, central banks are meant to be independent of governments to make sure they set policies that are best for the economy, not politicians.

On Friday, the euro sagged to a 13-month low against the dollar, down 0.7 percent to $1.1450, on concerns that European banks operating in Turkey could suffer losses.

"As Erdogan's entire economic agenda is built on high growth, and Erdogan furthermore has highly dismissed capital controls during other crisises (eg. following the coup attempt in 2016), this looks like a measure of last resort".

Erdogan said that there were "various campaigns being carried out" against the country.

Some of the lending was financed by Turkish banks who borrowed dollars or euro from other banks in the short-term interbank market and lent them to their customers.

'This is a national, domestic battle. "Hopefully we will overcome this disaster and we will also successfully overcome this economic war", Erdogan said.

"The dollar can not block our path. Don't worry", Erdogan assured the crowd.

One of the triggers of the turmoil has been a standoff with the US over a detained American pastor that Turkey, a North Atlantic Treaty Organisation ally, has put on trial for espionage and terror-related charges linked to a failed coup attempt in the country two years ago.

One of the triggers of the turmoil has been a standoff with the USA over a detained American pastor that Turkey, a North Atlantic Treaty Organisation ally, has put on trial for espionage and terror-related charges linked to a failed coup attempt in the country two years ago.

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The tensions with Washington have, for investors, underscored Turkey's authoritarian trajectory under Erdogan. But now, the relationship appears to have gone sideways.

Speaking at an event introducing the "new economic model" at the Dolmabahce Palace in Istanbul, Albayrak stated that their principle will be to maintain more effective and confidential communication with all market shareholders. It is obvious how it will be done: "since the final decision-maker of all policies in the new regime is the president, the responsibility of regaining confidence is on his shoulders".

Turkey will end up as "an economic satrapy of China", as I predicted last November.

Obviously a real Turkish crisis would have knock-on effects, though Berenberg sees Europe's exposure to Turkish banks as being too small to cause much harm.

The Canadian dollar weakened to a more-than two-week low against its US counterpart as geopolitical risk rattled global financial markets, offsetting stronger-than-expected domestic jobs data.

Turkish companies have borrowed roughly US$300 billion in foreign currency, and now have to repay it in devalued Turkish lira.

Turkey will fight inflation, ensure fiscal discipline, and lower the current account deficit to provide economic balance, Albayrak underlined.

Shares in France's BNP Paribas (BNPP.PA), Italy's UniCredit (CRDI.MI) and Spain's BBVA (BBVA.MC) fell by around 3 percent. His comments did nothing to shore up the lira currency. It fell yet further to 6.2 to the dollar at 12.54 GMT, almost 12 per cent weaker on the day.

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