Turkish Finance Chief Says ‘Action Plan’ Set To Ease Market Turmoil

A Kuwaiti man holds a one US dollar bill next to a five Turkish lira banknote at a currency exchange

Turkey has plan to ease market concerns, minister says, as lira plunges again

Brunson, who has been held since 2016, faces up to 35 years in prison on charges of allegedly aiding Kurdish separatists and a group that Erdogan blames for a failed 2016 coup attempt against him.

Turkey's President Recep Tayyip Erdogan is not backing down.

Spot gold dropped 1.4 percent to $1,193.52 an ounce. "We go through the list of options they have to stop this: it involves rate hikes, getting the International Monetary Fund involved and restoring market confidence in the lira".

The Turkish currency has been a casualty of a deepening crisis spurred by the administration's growth-at-all-costs agenda and a worsening spat with the USA, which sanctioned Turkey over the detention of an American priest.

The State Department says it respects the election result.

Brunson is also accused of spying for political and military ends.

The two North Atlantic Treaty Organisation allies have been at odds over Syria and Turkey's ambition to buy Russian defense systems, but anger has flared up recently over evangelical pastor Andrew Brunson. On July 25 he is moved to house arrest.

"Otherwise we will set into motion our plan B and C", he said, without elaborating.

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Erdoğan reiterated the Turkish government's view that the recent downturn in Turkish lira and stocks was caused by an attack by U.S. President Donald Trump and his administration.

Several days later Erdogan accuses Washington of showing an "evangelist, Zionist mentality".

Foreign Minister Mevlut Cavusoglu said Monday that the United States would not achieve aims by exerting pressure and imposing sanctions on Turkey.

The economic troubles in Turkey have gripped global financial markets, with investors scrambling to determine whether and how far pain there would spread. The identity of the ministers concerned is not clear.

He tweeted: "I have just authorised a doubling of Tariffs on Steel and Aluminium with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar!"

Turkey scrambled a delegation to Washington last week to stave off the crisis but no deal has been reached.

Albayrak dismissed any suggestions that Turkey might intervene in dollar-denominated bank accounts, saying any seizure or conversion of those deposits into Lira was out of the question.

He has dismissed the fall of the currency as "a storm in a tea cup" and urged Turks to sell dollars and buy lira to help boost the currency.

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When asked if Russian Federation will be able to provide assistance to Turkey in case Ankara asks for it, Peskov said he does not find such speculations possible.

The Turkish lira has been hit by concerns over President Recep Tayyip Erdogan's economic policies and a trade and diplomatic dispute with the United States, a North Atlantic Treaty Organisation ally.

The euro recovered on Tuesday from earlier losses linked to the collapse of the Turkish lira, but investors said the exposure of European banks to Turkey would continue to hound the single currency.

"It is wrong to dare bring Turkey to its knees through threats over a pastor". "You are exchanging your strategic partner in North Atlantic Treaty Organisation for a priest".

It pared losses after Albayrak's comments and stood at 7.08 at 2040 GMT on Sunday, Reuters said.

These import taxes came on top of 10% additional tariffs on aluminum and 25% on steel from all countries, in a bid by Trump to protect the USA steel industry and please voters in America's industrial heartland.

On August 13 he accuses the United States of seeking to stab Turkey "in the back".

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