NZ dollar dips as investor fears over Turkish economy ease

NZ dollar dips as investor fears over Turkish economy ease

"However, within a few months Western banks that have strong ties with Turkey will feel the impact of the crisis as Turkish corporates will struggle to repay debt in foreign currency".

The Turkish lira has dropped to record lows in recent weeks, having fallen some 42% so far this year.

"The lira even managed to claw back some lost ground... allowing stock and commodity markets to recover". The minister ruled out any move to limit money flows — which is a possibility that worries investors — or any assistance from the International Monetary Fund, NTV said.

The lira has lost more than 40% 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 North Atlantic Treaty Organisation ally. Erdogan has tightened his grip since consolidating power after general elections this year.

Albayrak said Turkey was the direct target of "the biggest actors in the global financial system", and warned that those escalating the issue to a political level would "pay the price".

The U.S. imposed sanctions on two Turkish government ministers and doubled tariffs on Turkish steel and aluminum imports over the continued detention of an American pastor on espionage and terror-related charges.

"We are going to apply a boycott on America's electronic products", Erdogan said Tuesday during a televised speech, adding that there were alternatives, produced by South Korean or Turkish companies.

JAMES GUNN Meets With DISNEY, DISNEY Stands By Termination
Gunn was let go from the project almost a month ago when dozens of Gunn's tweets from almost a decade ago came to light.

Less than a week after President Donald Trump announced that he would increase duties on steel and aluminum from Turkey, Turkish officials retaliated with new duties on almost two dozen USA goods.

"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. Lawmakers who authored the bill cited the detention of a U.S. citizen - the same issue highlighted in recent weeks by the Trump administration - as one reason for blocking the transfer of the stealth aircraft. On Tuesday, he said the government is working on steps to help banks and support companies affected by the currency crisis.

The crisis in US-Turkish relations, which already has put Turkey's economy under massive strain, also risks souring military ties between the two North Atlantic Treaty Organisation allies, unleashing unknown geopolitical consequences.

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. Mr Erdogan has also held a phone call with German chancellor Angela Merkel and planned to speak this week also with France's Emmanuel Macron.

Meanwhile, Turkish officials said Qatar had pledged 15 billion (£11.7 billion) of direct investments for Turkey, in a bid to help the economy.

There remain concerns about how the crisis will pan out, with Turkish President Recep Tayyip Erdogan in combative mood, accusing the United States of plotting against his country.

Turkish media reports say a Turkish court has rejected an appeal for the release of an American pastor from detention.

Related Articles

  • Hopkins places third on U.S

    Hopkins places third on U.S

    News assessed more than 4,500 hospitals across the country, according to a statement released by Loyola following the rankings. Princeton Health, which joined Penn Medicine in early 2018, was ranked #10 in New Jersey and #20 in the New York Metro Area.

    More than 30 people overdose at downtown CT park; synthetic pot suspected

    The CDC said a record 72,000 Americans died past year because of drug overdose - about 10 percent higher than previous figures. Authorities said the patients had smoked "K2", a synthetic cannabinoid, mixed with the powerful opioid fentanyl.
    Aretha Franklin dies at 76 after serious illness

    Aretha Franklin dies at 76 after serious illness

    Amid rumours of infidelity, her parents separated in 1948 and her mother moved to Buffalo with a son from a previous relationship. Her album of the same name also featured her signature number, a rendition of Otis Redding's Respect , which topped the chart.
  • Trump signs $716B defense policy bill in Fort Drum

    Trump signs $716B defense policy bill in Fort Drum

    Trump thanked several lawmakers during his speech, but he did not mention McCain, a former US Navy pilot and a prisoner-of-war. Trump struck a deal to lift the sanctions at the personal request of Chinese President Xi Jinping, who has been helping Mr.
    West Nile virus confirmed in mosquitoes trapped in Lindsay area

    West Nile virus confirmed in mosquitoes trapped in Lindsay area

    A mosquito becomes infected when it feeds on a bird that is infected with the virus. At a site in Hackettstown, five dead crows and a hawk were found in a cluster.
    U.S.  media hits back at Donald Trump over attacks on 'fake news'

    U.S. media hits back at Donald Trump over attacks on 'fake news'

    Trump's war on the media has been controversial since it began, with many claiming he is trying to censor the free press. They also wrote that it is "un-American" and "dangerous" to label the media the enemy of the people .
  • E-cigarette vapour found to disable key immune cells in the lung

    E-cigarette vapour found to disable key immune cells in the lung

    Researchers concluded that the vaping process itself can damage vital immune system cells, at least under laboratory conditions. This week the government's Science and Technology committee would release a report on the safety of e-cigarette smoke.
    Cech takes aim at 'unprofessional' Bayer Leverkusen

    Cech takes aim at 'unprofessional' Bayer Leverkusen

    Emery signed Bernd Leno from Bayer Leverkusen for £19m earlier this summer and there have been calls for the German to become the club's first choice.
    'Who?': Eli Manning quietly fires back at Jaguars star

    'Who?': Eli Manning quietly fires back at Jaguars star

    The Giants and Jacksonville Jaguars open the season against each other September 9 at the Meadowlands. If you look at his games against big schools, it was always hella interceptions, hella turnovers.
  • Communist China a National Security Threat: Law Now Says So

    Communist China a National Security Threat: Law Now Says So

    Trump traveled to Fort Drum, home of the Army's 10th Mountain Division , in upstate NY to sign the bill. The NDAA for fiscal year 2019 includes two provisions pertaining to Taiwan.
    Turkey increases tariffs on some U.S.  imports, escalating feud

    Turkey increases tariffs on some U.S. imports, escalating feud

    Kalin called on the United States to respect legal process in Turkey in reference to the American pastor's continued detention. The Trump administration has slapped the Turkish regime with tariffs and sanctions for holding the USA citizen captive.
    China: Trade talks with the United States  are back on

    China: Trade talks with the United States are back on

    Worries about damage to the global economy from the dispute have hurt prices, which hit their lowest since June 2017 overnight. West Texas Intermediate and international-benchmark Brent crude oil futures are trading slightly lower on Thursday.