Free Republic
Browse · Search
Topics · Post Article

Skip to comments.

Erdogan says lira under attack as currency hits new low (Turkey)
Ahval (a Turkish Arabism derived from "ahwal" meaning events) ^ | May 08 2018 | none stated

Posted on 05/08/2018 8:17:39 AM PDT by Texas Fossil

Turkish President Recep Tayyip Erdoğan took aim at investors who are selling Turkish lira, saying the currency was under attack as it hit fresh record lows against the dollar.

Erdoğan said there was no technical or rational reason why the lira should be losing so much value. Turkey has prepared a “project” that will reverse this trend, he said in a speech on Tuesday.

The lira hit a new record as Erdoğan spoke, falling to as low as 4.3 to the U.S. currency. It declined 0.6 percent to 4.2946 at 1:28 p.m. in Istanbul. The currency had traded at 1.15 per dollar just before the 2008 financial crisis.

The lira slid 5 percent against the dollar last week, almost three times the average loss for emerging market currencies, as Standard & Poor’s and the International Monetary Fund warned that Turkey’s economy was overheating and called on the central bank to raise interest rates. Erdoğan’s government is implementing economic stimulus measures ahead of snap elections on June 24 that are spurring inflation and it is calling on banks to lower interest rates to boost lending to the economy.

The Turkish president has in the past blamed a so-called "interest rate lobby" and allies of businessman George Soros -- an oblique reference to Jews -- for selling Turkish assets in an effort to damage his government's popularity. Media columnists close to Erdoğan have also pointed the finger at Islamic preacher Fethullah Gulen -- who the government blames for masterminding a failed coup in July 2016 -- to explain away Turkey's economic ills.

Erdoğan said his victory in the June presidential election was necessary to introduce a full presidential system of government that can better deal with internal and external threats to Turkey’s security. Erdogan plans to centralise economic decision-making after the election, including shuttering some autonomous institutions or bringing them under the control of ministries, Dunya newspaper reported last week.

Standard & Poor's cut Turkey's debt to BB- last week, two notches below investment grade, warning that centralisation of economic power under Erdogan is making policymaking less predictable and compromising the independence of the central bank.

The lira has dropped more than 10 percent against the dollar this year and yields on Turkish 10-year debt have hit record highs as inflation accelerated to 10.9 percent and the current account deficit widened to almost 6 percent of gross domestic product. The stock market has lost about 20 percent of its value in dollar terms.

TOPICS: Crime/Corruption; Foreign Affairs; Israel; News/Current Events; Russia; Syria; War on Terror
KEYWORDS: bitcoin; cryptocurrency; dollar; energy; erdogan; europeanunion; falls; hassannasrallah; hezbollah; hydrocarbons; iran; kurdistan; lebanon; lira; maga; nato; opec; receptayyiperdogan; russia; syria; turkey; turkeycurrency
Should this surprise anyone?

This is not a subtle technical financial change, it is due to insane acts and literal war crimes committed by Erdogan the Islamist.

The whole world must see this, but chooses to pretend not to. Even after ISIS transplanted to the ethnically cleansed Afrin in Syria.

1 posted on 05/08/2018 8:17:40 AM PDT by Texas Fossil
[ Post Reply | Private Reply | View Replies]

To: Texas Fossil

Hey Recep-tical, call George Soros. He might give a damn.

2 posted on 05/08/2018 8:37:09 AM PDT by mass55th (Courage is being scared to death - but saddling up anyway...John Wayne)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Texas Fossil

Seems to be some tie between a control government and trouble.

3 posted on 05/08/2018 8:50:51 AM PDT by lurk
[ Post Reply | Private Reply | To 1 | View Replies]

To: Texas Fossil

It’s never the Dictators Fault ,LOL

4 posted on 05/08/2018 9:14:41 AM PDT by butlerweave
[ Post Reply | Private Reply | To 1 | View Replies]

Hitch Your Wagon to a Star...

Iran's President Hassan Rouhani, Russia's Vladimir Putin and Turkey's Tayyip Erdogan meet in Sochi, Russia November 22, 2017. (photo credit: SPUTNIK/MIKHAIL METZEL/KREMLIN VIA REUTERS)

Column One: Portents of quagmires in Syria

5 posted on 05/08/2018 10:04:29 AM PDT by SunkenCiv (,,
[ Post Reply | Private Reply | View Replies]

To: butlerweave

May Erdogan soon experience his Ceausescu Moment.

6 posted on 05/08/2018 11:04:51 AM PDT by Texas Fossil ((Texas is not where you were born, but a Free State of Heart, Mind & Attitude!))
[ Post Reply | Private Reply | To 4 | View Replies]

To: Texas Fossil

Well, he’ll just have to extort (easy-peasy) Merkel to have Turkey join the euro zone - problem fixed!

Heck, I should get a job with Goldman Sachs, that right there would net me a multi-million bonus.

7 posted on 05/08/2018 1:25:47 PM PDT by Moltke (Reasoning with a liberal is like watering a rock in the hope to grow a building.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: dennisw; Cachelot; Nix 2; veronica; Catspaw; knighthawk; Alouette; Optimist; weikel; Lent; GregB; ..
Middle East and terrorism, occasional political and Jewish issues Ping List. High Volume If you’d like to be on or off, please FR mail me.


8 posted on 05/09/2018 5:05:53 AM PDT by SJackson (The easiest way to find something lost around the house is to buy a replacement)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SJackson

Yup. We’re attacking your currency. Bwahahahahaha.

9 posted on 05/09/2018 6:37:49 AM PDT by Eleutheria5 (“If you are not prepared to use force to defend civilization, then be prepared to accept barbarism.)
[ Post Reply | Private Reply | To 8 | View Replies]

To: Texas Fossil

4.71 Turkish Lira trades for one USD

10 posted on 05/25/2018 1:32:55 AM PDT by RockyTx
[ Post Reply | Private Reply | To 1 | View Replies]

To: RockyTx

Yes, it will get worse. And everything Erdogan does makes it worse and worse. It will not end well for him or Turkey.

Unfortunately, it is also bad for those countries near Turkey.

Credibility of Erdogan the Islamist is ZERO.

11 posted on 05/25/2018 5:06:18 AM PDT by Texas Fossil ((Texas is not where you were born, but a Free State of Heart, Mind & Attitude!))
[ Post Reply | Private Reply | To 10 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794 is powered by software copyright 2000-2008 John Robinson