Erdogan warns of campaign against Turkey as lira plummets

Erdogan warns of campaign against Turkey as lira plummets

The lira extended its losses to trade at 6.2 to the dollar, a loss of 11.5 percent on Friday.

The dollar index, which measures the greenback's strength against a group of six major currencies, was up 0.05 percent at 95.550 after gaining 0.5 percent overnight.

Elsewhere, the New Zealand dollar remained on the back foot, stretching its overnight slide to $0.6598, its lowest since March 2016.

The embattled Turkish lira tumbled over 16 percent to new record lows against the dollar on Friday as strains with the United States intensified, but President Recep Tayyip Erdogan defiantly proclaimed Turkey would emerge victorious in an "economic war".

Several U.S. media outlets criticized President Donald Trump on Friday for his decision to impose additional tariffs on Turkey.

The currency's drop - 40% so far this year - has become a gauge of fear over a country facing the fallout of years of debt-fuelled growth, global concern over President Recep Tayyip Erdogan's push to amass power, and a souring in relations with allies like the US. "He has done nothing wrong, and his family needs him!" If there is anyone who has dollars or gold under their pillows, they should go exchange it for liras at our banks.

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"Don't forget, if they have their dollars, we have our people, our God".

Concerns mounted Friday after a report in the Financial Times that the supervisory wing of the European Central Bank had over the last weeks begun to look more closely at eurozone lenders' exposure to Turkey.

-Turkish relationship, a deterioration made worse by Turkey's worsening human rights record and increased cooperation with Russian Federation and Iran in Syria.

"It is wrong to dare bring Turkey to its knees through threats over a pastor", Mr Erdogan told supporters.

New York Magazine criticized Trump's move in an article titled "Why Trump's Turkey Tariffs Are Worrying Investors", which said Trump announced he would double his country's metal tariffs on Turkey "despite the fact that he has no good reason for doing so".

The sudden drop came when Donald Trump announced on Twitter he was doubling USA import tariffs on Turkish steel and aluminium.

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"Shame on you, shame on you", he said, directing his remarks at Washington. "Don't heed them", Erdogan said.

He has said Turkey's economy remains strong, noting a 7.4 percent growth rate in the first three months of this year.

After nearly 20 months in a Turkish jail, Brunson was moved to house arrest in July by a court.

The United States slapped sanctions on two Turkish officials earlier this month over a detained American pastor who is being tried on espionage and terror-related charges.

"The US and Turkey are breaking up". It is host to an X-band radar, a critical part of the Western alliance's missile defence system again Iran.

"The US has to rehabilitate its addiction to sanctions (and) bullying or the entire world will unite - beyond verbal condemnations - to force it to", he warned. He claims higher rates lead to higher inflation - the opposite of what standard economic theory says. It has lost 40 percent of its value so far in 2018, and reached record lows following Trump's tweet.

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