Turkey's central bank tightened liquidity Tuesday while local retail accounts sold dollars to take profit from the lira's slide, buoying the currency.
The dispute between the two North Atlantic Treaty Organisation allies - which reached new intensity over the detention of an American pastor in Turkey - has hammered the lira and also raised questions over the future partnership between Washington and Ankara. We can react in two ways: "economically and politically", Erdogan said in Ankara Tuesday. Its drop of as much as 18 percent on Friday hit US and European stocks as investors fretted about banks' exposure to Turkey. Erdogan says his country is under an economic "siege" that has nothing to do with its economic indicators.
The retreat of the dollar comes one day after the CBRT moved "to support financial stability and sustain the effective functioning of markets", introducing measures on the Turkish lira and the foreign exchange market (FX) liquidity management. Turkey's FX reserves declined at an accelerated rate this year, due in part to the need to pay for imported oil in US Dollars, and are now below the level deemed sufficient by the International Monetary Fund in order to weather a full-blown economic crisis. "What do you want to do?"
Erdogan has also urged Turks to extend their hospitality to tourists, who were bringing dollars into the country at a critical time.
Guardiola salutes City's sacrifice as champs subdue Arsenal
Chris Wood directs a header towards the goal in Burnley's EPL opener, a 0-0 draw with Southampton. Manchester City have launched the 2018/19 home kit! "We need to continue working".
Future bright for Woods after PGA, but Koepka is in the way
Tiger Woods once again challenged for his first major championship in ten years when he finished second at the PGA Championship . Even with 17 players separated by three shots at one point on the front nine, everyone had to catch Koepka , Woods included.
Will celebrate Independence Day with utmost zeal, says Imran Khan
Elections for Speaker and Deputy Speaker of National Assembly will be held on August 15 (Wednesday). He further claimed that his party has the support of 180 members in the National Assembly.
This is the latest chapter in a growing diplomatic rift between Turkey and the United States.
USA small business optimism index marked its second highest level in the survey's 45-year history at 107.9, rising to within 0.1 point of the July 1983 record high of 108, the National Federation of Independent Business (NFIB) reported on Tuesday. It pared losses after Albayrak's comments and stood at 7.08 at 2040 GMT on Sunday, Reuters said. "I believe the new and important topics will be discussed in this call, otherwise there would not be such an attempt".
Following Monday's meeting between Bolton and Turkish ambassador Serdar Kilic, 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.
Brunson's lawyer, Ismail Cem Halavurt, said the court had up to seven days to decide.
White House economic adviser Kevin Hassett said Treasury Secretary Steve Mnuchin was monitoring the financial situation in Turkey "very closely".