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11 August 2018, 05:53 | Erica Roy
Turkish Finance Minister Berat Albayrak is to unveil the plan for Turkey's economy on Friday
President Recep Tayyip Erdogan is urging the Turkish people to exchange gold and hard currency into lira, after the currency hit a record low against the dollar today.
The Turkish lira plunged on Friday, raising questions about the country's financial stability, as investors anxious about the president's unorthodox economic policies and a dispute with the United States that has led to sanctions.
The day saw the lira plunge as much as 18% at one point, the biggest one-day drop since Turkey's 2001 financial crisis. (The last substantial hike was in January 2018; before then, it was in late 2013, when Turkey was dealing with the end of the U.S. Federal Reserve's quantitative easing program.) The country could also place controls on capital, but those can hamper private sector activity and won't be easy considering the government's relative inability to totally control private capital.
He also condemned as "unacceptable, irrational and ultimately detrimental", the sanctions imposed by the USA on several Turkish cabinet members over the Brunson issue.
This week, the Turkish lira has fallen 23% against the dollar, losing almost a quarter of its value.
His remarks came after US President Donald Trump's decision to raise tariffs on Turkish steel and aluminium.
The lira fell as much as 18 per cent against the USA dollar in its worst day since Turkey's financial crisis of 2001.
"Our relations with Turkey are not good at this time!" he said in an early morning post. -Turkish relationship, a deterioration made worse by Turkey's worsening human rights record and increased cooperation with Russian Federation and Iran in Syria. Financial upheaval there risks further destabilizing an already volatile region.
"As he stated, the president has authorized the preparation of documents to raise tariffs on imports of steel and aluminum from Turkey", White House Deputy Press Secretary Lindsay Walters said. The White House said he had authorised them under Section 232 of USA trade law, which allows for tariffs on national security grounds. "Look at what we were 16 years ago and look at us now", a reference to his terms as prime minister and president.
The US on August 1 imposed financial sanctions on its North Atlantic Treaty Organisation ally, blocking Turkey's ministers of justice and interior from doing business with Americans.
But Turkey is not manipulating its currency; the lira is falling because the country is suffering from an economic crisis. "Relations with countries who behave like this have reached a point beyond salvaging".
"Those who have dollars, euros or gold under their pillows should go and exchange them into [Turkish] lira". Companies were "being unfairly punished for participating in worldwide trade", she said.
In Washington, where Turkey seems to have lost its friends and faces a passionate anti-Erdogan lobby of which the Gulenists are an important part, there may be wishful thinking that an economic collapse could sweep him from power.
He is clearly angry that the U.S. has not taken more action against the Gulenist movement and what he said was a failure "to unequivocally condemn" the 2016 coup attempt.
Turkey has accused Andrew Craig Brunson of spying and "committing crimes on behalf of terror groups without being a member". Gulen has denied the allegation.
Turkey's sovereign dollar-denominated bonds tumbled with many issues trading at record lows.
The drop in the lira has put increasing pressure on Turkish banks, given many companies have borrowed heavily in foreign currency.
Here is when Perseids shower peaks in Oman this month
And, with NASA meteor expert Bill Cooke dubbing the Perseids "the best shower of the year", this certainly isn't one to miss. The radiant point of the shower, which is the spot where the meteors tend to originate, is in the constellation Perseus.