LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Erdogan says Turkey will boycott U.S. electronics, lira steadies

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Aug 15, 2018
03:30 am
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

President Tayyip Erdogan said on Tuesday that Turkey would boycott electronic products from the United States, retaliating in a row with Washington that has helped drive the lira to record lows.

The lira
has lost more than 40 percent this year and crashed to an all-time low of 7.24 to the dollar on Monday, hit by worries over Erdogan`s calls for lower borrowing costs and by worsening ties with the United States, a major NATO ally.

The lira`s weakness has rippled through global markets. Its drop of as much as 18 percent on Friday hit European and U.S. stocks as investors fretted about banks` exposure to Turkey.

On Tuesday the lira recovered some ground, trading at 6.3300 to the dollar at 1947 GMT, up some 9 percent from the previous day`s close and having earlier touched 6.2995.

It was supported by news of a planned conference call on Thursday in which the finance minister will seek to reassure investors concerned by Erdogan`s influence over the economy and his resistance to interest rate hikes to tackle double-digit inflation.

Erdogan says Turkey is the target of an economic war, and has made repeated calls for Turks to sell their dollars and euros to shore up the national currency.

"Together with our people, we will stand decisively against the dollar, forex prices, inflation and interest rates. We will protect our economic independence by being tight knit together," he told members of his AK Party in a speech.

The United States imposed sanctions on two Turkish government ministers over the trial on terrorism charges of U.S. evangelical pastor Andrew Brunson in Turkey, and last week Washington raised tariffs on Turkish metal exports.

State Department spokeswoman Heather Nauert said Turkey`s economic woes were not started by U.S. sanctions.

"Economists would certainly tell you that what is happening in Turkey goes far beyond the United States` recent policies and imposition of various policies," Nauert told a press briefing. TRUMP FRUSTRATED

The White House said on Tuesday President Donald Trump was frustrated that Turkey had not released Brunson.

"The president has a great deal of frustration on the fact that Pastor Brunson has not been released as well as the fact that other U.S. citizens and employees of diplomatic facilities have not been released," White House Press Secretary Sarah Sanders told a briefing.

A White House official said the United States was warning more economic pressures may be in store for Turkey if it refuses to release Brunson.

It was unclear whether Erdogan`s call for Turks to sell dollars would be widely heeded, but a Turkish news agency said traders in Istanbul`s historic Eminonu district converted $100,000 into lira on Tuesday.

Chanting "Damn America", they unfurled a banner saying "we will win the economic war", the Demiroren agency said. Amid calls to "burn" the dollars, the group headed to a bank branch where they converted the money, it said.

Erdogan also said Turkey was boycotting U.S. electronic products. "If they have iPhones, there is Samsung on the other side, and we have our own Vestel here," he said, referring to the Turkish electronics company, whose shares rose 5 percent.

His call met a mixed response on Istanbul streets.

"We supported him with our lives on July 15," shopkeeper Arif Simsek said, referring to a failed 2016 military coup. "And now we will support him with our goods. We will support him until the end."

But shopkeeper Umit Yilmaz scoffed. "I have a 16-year-old daughter. See if you can take her iPhone away ... All these people are supposed to not buy iPhones now? This can`t be."

Erdogan said his government would offer further incentives to companies planning to invest in Turkey and said firms should not be put off by economic uncertainty.

"If we postpone our investments, if we convert our currency to foreign exchange because there`s danger, then we will have given in to the enemy," he said.ECONOMIC PAIN

Although the lira gained some respite on Tuesday, investors say measures taken by the central bank on Monday to ensure liquidity failed to address the root cause of lira weakness.

"What you want to see is tight monetary policy, a tight fiscal policy and a recognition that there might be some short-term economic pain - but without it there`s just no credibility of promises to restabilise things," said Craig Botham, Emerging Markets Economist at Schroders.

Dollar-denominated bonds issued by selected Turkish banks continued to fall on Tuesday, although sovereign bonds steadied.

U.S.-Turkish relations have been hurt by a series of issues from diverging interests in Syria, Ankara`s plan to buy Russian defence systems and the detention of pastor Brunson.

U.S. national security adviser John Bolton on Monday met Turkey`s ambassador to the United States to discuss Brunson`s detention. Following the meeting, U.S. officials have given no indication that the United States has been prepared to give ground in the standoff between the two countries` leaders.

Ankara has repeatedly said the case is up to the courts and a Turkish judge moved Brunson from jail to house arrest in July.

Brunson`s lawyer said on Tuesday he had launched a fresh appeal to a Turkish court for the pastor`s release.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Rakesh Jhunjhunwala stocks: This Big Bull-owned MULTIBAGGER has delivered more than 42 pct in less than two month

Listing facilitation! Ahead of LIC IPO, authorised capital boost of Rs 25,000 crores - All you need to know

Stock Market Outlook: Focus will be on these - Check what share bazaar experts, analysts opined

COVID-19: India records 18,711 new cases

Announcement LIVE: IIT JEE Main 2021 Result February - Date, time, declaration on NTA website direct link jeemain.nta.nic.in, download answer key, score checking and more

US continues to see drop in new Covid cases

West Bengal Elections: PM Narendra Modi launches blistering attack on Mamata Banerjee - Top quotes

Twitter CEO and billionaire Jack Dorsey puts his 1st tweet on sale, bid reaches Rs 2 cr

REVEALED! What gave a massive 400% jump to FDI in computer software, hardware during Apr-Dec 2020

Super hi-tech driverless pod taxis for Noida Aiport! Check Yogi Adityanath government's big plans for Jewar

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved