Turkey’s currency crisis gets worse with fresh 11% plunge

Aug 13, 2018

Ankara:Turkey’s currency nosedived again Monday with a fresh 11 per cent plunge as fears deepened about the country’s ability to deal with a crisis that has rattled markets around the world.

The Turkish lira dropped 11 per cent against the dollar in morning trading in Asia, reports CNN.

It had plummeted more than 20 per cent last week as a political clash with the US intensified and investors fretted about the Turkish government’s lack of action to tackle the problems plaguing its economy.

The lira’s drop has unsettled global markets, with shares of European banks coming under particular pressure because of concerns over the lenders’ exposure to Turkey.

On Monday, benchmark stock indexes in Tokyo, Hong Kong and Shanghai were all down more than 1.5 per cent in late morning trading.

Turkish President Recep Tayyip Erdogan has dismissed calls for the country to raise interest rates to try to ease the crisis and has lashed out at the US.

“We will not give in,” Erdogan said on Sunday. “If you come at us with your dollars then we will find other ways to do business.”

The lira is now down around 45 per cent against the dollar since the start of the year, making it far harder for Turkish companies to pay back loans they have taken out in the US currency.

Meanwhile, Finance Minister Berat Albayrak said in an interview with Turkish newspaper Hurriyet on Sunday that the government has drafted an economic action plan that it will start implementing on Monday morning, CNN reported.

Albayrak, who is Erdogan’s son-in-law, didn’t specify what the plan would involve.

He said the country’s banks and banking regulator “will take the necessary measures quickly”.
(IANS)

People didn’t forgive Rahul in 2019, will also punish in 2024: Nadda

New Delhi: BJP chief J.P. Nadda slammed Rahul Gandhi on Friday by highlighting all the remarks that he made from the 2019 Lok Sabha election till date. Nadda said the...

Rahul conviction: Cong calls meeting of senior leaders

New Delhi: The Congress party has called a meeting of its steering committee members, senior leaders, state chiefs and legislative party leaders on Friday to devise a strategy after Rahul...

Russian woman jumps from building, Kerala Women’s Commission seeks report

Thiruvananthapuram: The Kerala State Women's Commission on Friday sought a report from the Koorachundu Police station in Kozhikode on the condition of a Russian woman presently undergoing treatment in the...

Delhi HC reserves verdict in police’s plea against discharge order of Sharjeel Imam, 10 others

The Delhi High Court on Thursday reserved order in the revision petition filed by Delhi Police against the trial court order discharging Sharjeel Imam, Safoora Zargar, Asif Iqbal Tanha and...

Palestinian PM urges int’l measures to end incitement by Israeli officials

Ramallah, March 23 (IANS) Palestinian Prime Minister Mohammed Ishtaye has urged the international community to stop Israeli officials from inciting racism against the Palestinians. Ishtaye made the remarks during a meeting...

Tamil Nadu: Man throws acid on wife inside court premises

A 40-year-old man allegedly threw acid on his wife inside district court premises in Coimbatore, on Thursday. The 35-year-old woman suffered severe injuries and was taken to the hospital. A...

Will appeal in higher court against Rahul’s conviction: Kharge

New Delhi: Congress President Mallikarjun Kharge said on Thursday that they will appeal in higher courts against the conviction of Rahil Gandhi. In a tweet (in Hindi) he said, "Coward,...

My religion is truth: Rahul quotes Mahatma Gandhi on being convicted in defamation case

New Delhi: Rahul Gandhi in his first reaction after being convicted by a Surat court on Thursday said, "my religion is truth". Quoting Mahatma Gandhi, Rahul said in a tweet...

Manish Tewari moves adjournment notice to discuss China border issue

New Delhi: Congress MP Manish Tewari on Thursday moved an adjournment notice to discuss the border row with China in the Lok Sabha. "That this House do suspend Zero Hour...

12 hrs after Raj Thackeray’s ‘threat’, BMC razes illegal ‘dargah’ in Mahim sea

Mumbai: Barely 12 hours after Maharashtra Navnirman Sena (MNS) President Raj Thackeray's dramatic revelations of an unauthorised 'dargah' coming up in the Arabian Sea off Mahim, the BMC rushed a...

PM Modi holds meeting on Covid preparedness

New Delhi, March 22 (IANS) Amid rising cases of coronavirus across the country, Prime Minister Narendra Modi on Wednesday chaired a high-level meeting to review the status and the preparedness of...

Bhaichung Bhutia flags rising violence in Sikkim

Gangtok: Former India footballer-turned-politician Bhaichung Bhutia said on Wednesday that Sikkim has acquired the image of a violence-ridden state in the last two years due to the politics of violence unleashed...

Read Previous

Want people to recognize connection between man, nature: Dia Mirza

Read Next

Koreas to hold summit in Pyongyang in September

Leave a Reply

Your email address will not be published.

WP2Social Auto Publish Powered By : XYZScripts.com