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

Turkey is a 'target of economic war', Erdogan says

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Sat, Aug 11, 2018
10:30 pm
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 denied on Saturday that Turkey is in a currency crisis, dismissing a plunge in the lira as `fluctuations` which have nothing to do with economic fundamentals.

Speaking after U.S. President Donald Trump doubled tariffs on Turkish steel and aluminium imports, Erdogan described Friday`s 18 percent fall in the lira to a record low as the `missiles` of an economic war waged against Turkey.

Erdogan said those who plotted against Turkey in a failed coup attempt in July 2016 were now trying to target the country through its economy, and pledged to fight back. He did not name any countries.

"Those who can`t compete with us on the ground have brought online fictional currency plots that have nothing to with the realities of our country, production and real economy," Erdogan told a provincial meeting of his AK Party in the Black Sea coastal town of Rize.

"The country is neither crumbling, nor being destroyed or bankrupt or in a crisis," he said, and added that the way out of the `currency plot` was to boost production and `minimise interest rates`.

The Turkish lira has lost about 40 percent this year alone, largely over worries about Erdogan`s influence over the economy, his repeated calls for lower interest rates in the face of high inflation and deteriorating ties with the United States.

The two governments have been at odds over a wide range of topics - from diverging interests in Syria, to Turkey`s ambition to buy Russian defence systems, and the case of evangelical pastor Andrew Brunson, who is on trial in Turkey on terrorism charges.

Erdogan also appeared to allude to a `deadline` for handing over Brunson, although he did not name the United States as having set any such deadline or say precisely when it might have expired. "(They are) threatening, saying you will send (him) until 6 pm ... This is not some random country. This is Turkey," he said.

A Turkish delegation visited Washington for talks this week but left with no signs of a breakthrough.

After almost 20 months in a Turkish jail, Brunson was moved to house arrest in July by a court. Since then Trump and his vice president Mike Pence have repeatedly called for his release while Ankara said the decision was up to the courts.

Washington in response sanctioned two Turkish ministers and Trump on Friday announced it was doubling the tariffs on steel and aluminium imports from Turkey, saying relations with Ankara were "not good at this time".LANGUAGE OF THREATS

An important emerging market, Turkey borders Iran, Iraq and Syria and has been mostly pro-Western for decades. Financial upheaval risks further destabilising an already volatile region.

A meeting on Friday unveiling a new economic approach by Turkey`s finance minister Berat Albayrak, Erdogan`s son-in-law, did little to offer support for the free-falling lira as investors sought concrete steps such as an interest rate increase to restore confidence.

"I am asking you. What possible reason could there be behind the lira which was at 2.8 against dollar in July 15, 2016 to slide below 6 yesterday? During this period, Turkey has set records in its exports, production and employment," Erdogan said.

He repeated a long-standing plan to shift to trading in national currencies and said Turkey was preparing for such a step with Russia, China and Ukraine.

He also repeated his call to Turks to sell their dollar and euro savings to shore up the lira. "If there are dollars under your pillow, take these out... Immediately give these to the banks and convert to Turkish lira and by doing this, we fight this war of independence and the future," he said.

He also said it was a pity that Washington chose Brunson over Turkey, its partner in NATO, and in an opinion piece in the New York Times, he warned the United States that Ankara had other alternatives as allies.

Washington "must give up the misguided notion that our relationship can be asymmetrical", he said in the opinion piece.

Turkey, home to the Incirlik air base which is used by U.S. forces in the Middle East, has been a NATO member since the 1950s. It is host to a critical part of the Western alliance`s missile defence system against Iran.

In a separate opinion piece in the pro-government newspaper Daily Sabah, Erdogan`s spokesman Ibrahim Kalin said Turkey`s efforts to solve the crisis with diplomatic methods had been dismissed by the Trump administration, warning that "the U.S. runs the risk of losing Turkey" as an ally.

"The entire Turkish public is against U.S. policies that disregard Turkey`s legitimate security demands. Threats, sanctions and bullying against Turkey will not work," he said.

(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

Mid-cap Picks with Anil Singhvi: Minda Corp, Bodal Chemicals, Aditya Birla Fashion are stocks to buy

India Post GDS Recruitment 2021: 233 posts for Gramin Dak Sevaks with TRCA allowances up to Rs 14,500 in Delhi circle available - last day today

Indian Army Recruitment Rally 2021: 8th pass, 10th pass can apply; know where to apply and other details

Gold Price Today 1-03-2021 – Despite fall in prices, Indian consumers not benefitting as much; expert tells why

Sovereign Gold Bonds Latest News: Looking for cheaper Gold? Here is your opportunity? Know here how to OPTIMISE gains

Indian Army Recruitment 2021: Apply for Technical Graduate Course on joinindianarmy.nic.in—Check age limit, last date, how to apply and more

Tech analysis on Big Bull Rakesh Jhunjhunwala stocks: Tata Motors, Titan, Lupin and Escorts

Rakesh Jhunjhunwala stock: This Big Bull holding gets a target hike I Details here

REVEALED: 'Laga bhi diya...' - What PM Narendra Modi told nurse P Niveda after COVID-19 vaccine shot

Lenovo to launch new 'Legion' gaming smartphone soon - Check all details here!

  • 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