U.S. behind ‘economic assassination attempt’ on Turkey - Erdogan

Turkish lira gains value against US dollar

The slump in the lira has been driven by concerns about Erdogan's influence on monetary policy, and more recently a bitter row with the United States that saw the North Atlantic Treaty Organisation allies impose reciprocal trade restrictions and sanctions on each other.

Its decision came despite Erdogan repeating his opposition to high interest rates earlier in the day, saying high inflation was a result of the central bank's wrong steps. It had fallen 3 per cent after President Erdogan had called for rate cuts rather than rate hikes and then surged to be 3 per cent up on the day when those calls were spectacularly ignored.

Policy makers increased the one-week repo rate by 625 basis points on Thursday to 24%, more than econ%mists expected.

Neil Wilson, chief market analyst at Markets.com said: "This was a definite statement from policymakers, but the risk now is that the market tries to test the central bank's resolve: the horse may have already bolted".

Erdogan said last September that the fund was to be reorganised after dismissing Mehmet Bostan, its chairman, over its failure to meet targets.

Speculation has been growing that the monetary authority will deliver a sizeable interest-rate increase Thursday after it signalled potential action last week to help stem accelerating inflation.

Washington imposed sanctions on two government ministers and doubled tariffs on steel and aluminum imports from Turkey.

Nintendo Switch Online Requires Weekly Check-In To Play NES Games
Nintendo has announced that Super Smash Bros Ultimate is getting its own Limited Edition Nintendo Switch . Sony locks its cloud saves behind the PS+ membership but they are kept for around 6 months or so.

Phoenix Kalen at Societe Generale said the market was both pleased and confused by the bank's move.

But analysts say the move will not be enough to quickly erase worldwide investors' concerns, as the country has fundamental economic problems, such as a high level of debt owed in foreign currencies that has grown in size as the lira has fallen.

Erdogan, a self-described "enemy of interest rates", assumed new powers under an executive presidential system following an election in June and has appointed his son-in-law as finance minister.

Deniz Cicek, an economist at QNB Finansbank, said Turkey needed "an appropriate fiscal policy and structural reform agenda" that markets await to see in a medium-term plan to be outlined this month by Albayrak. Erdoğan has always been pressuring the bank to keep interest rates low to encourage economic growth.

Following the news, the Turkish lira rose 5 percent in value against the USA dollar, reversing its 42-percent fall this year against the American currency.

Turkish companies sit on a net foreign-exchange shortfall of $216 billion, and analysts say they are likely to view any bouts of lira strength as an opportunity to rebuild their dollar reserves, slowing any gains.

The Turkish lira gained ground against the US dollar on Wednesday ahead of Thursday's monetary policy committee meeting of the Turkish Central Bank. Erdogan also issued a presidential decree banning all businesses and leasing and rental agreements from using foreign currency denominations.

Related News:

  • Tottenham Hotspur vs. Liverpool - Football Match Report

    Juan Foyth has returned to training following a thigh issue but Moussa Sissoko (hamstring) won't be back in contention until next week.
    Jamie Murray: Serena US Open sexism claims far-fetched

    Jamie Murray: Serena US Open sexism claims far-fetched

    She is also set to ink a $10 million deal with Adidas to go with the almost $4 million she took home for her U.S. Serena Williams hugs Naomi Osaka , of Japan, after Osaka defeated Williams in the women's final of the U.S.
    Slow-moving Florence batters NC with heavy flooding, power outages

    Slow-moving Florence batters NC with heavy flooding, power outages

    Wind gusts of up to 100 miles per hour were reported at Cape Fear Community College in Wilmington, the hurricane center said. Florence remains a Category 1 storm, and it's spinning hurricane-force winds up to 70 miles from its center.
  • Apple iPhones get bigger and pricier

    Apple iPhones get bigger and pricier

    This week Apple announced the latest incarnations of its iPhone: the iPhone XS, the iPhone XS Max , and the iPhone XR . Apple iPhone XS Max and iPhone XS will be in available in space grey, silver in addition to a new gold finish.
    IPhone XS Max announced: here are the specs, prices and colour options

    IPhone XS Max announced: here are the specs, prices and colour options

    The Plus versions of previous iPhones had killer battery life so we have high hopes for the iPhone Max. Apple will nearly certainly share more details on Wednesday at its annual event in California.
    Kevin De Bruyne steps up recovery with individual training session

    Kevin De Bruyne steps up recovery with individual training session

    We share our opinions and after it's club and agent. "Sometimes this kind of thing needs time". "The clause is €250m". "He's here. When asked what function Busquets carries out for his side, Guardiola simply said: "He does everything for those around him".
  • Ex-Trump aide Manafort tentatively agrees to plea deal

    Ex-Trump aide Manafort tentatively agrees to plea deal

    A spokesperson for Manafort and a representative for the special counsel's office both declined to comment. Since Manafort's guilty verdict in August, speculation has mounted that Trump could pardon him.
    No-deal Brexit may stall unprepared British drivers, Government warns

    No-deal Brexit may stall unprepared British drivers, Government warns

    The government played down fears that holidaymakers would be hit with swingeing roaming charges for using mobile phone in the EU. AA president Edmund King said: "This will be an extra burden for United Kingdom drivers wanting to take a holiday overseas ".
    UK, EU plan special summit to sign Brexit deal

    UK, EU plan special summit to sign Brexit deal

    The UK will leave the European Union , with or without a deal, on 29 March next year. If a deal has been reached by then, it will need to be approved by MPs.
  • Florence turns deadly, unleashing torrential floods on Carolinas

    Still, she said, "I think we're going to stay put", noting her neighborhood's past success in avoiding power outages and flooding. Florence was inching along Friday night, trapping people in flooded homes and promising days of destruction and human suffering.
    AJ Green has career night in little more than a quarter

    AJ Green has career night in little more than a quarter

    They also managed to outscore the Colts 17-0 in the fourth quarter on Sunday, finishing strong is a trend that wins games. The Ravens are 7-1 under Harbaugh in short-week Thursday games, and their Week 1 blowout helped them rest a few veterans.
    Ocean City Prepares for Impacts of Hurricane Florence

    Ocean City Prepares for Impacts of Hurricane Florence

    Given its expected slow speed once it rolls ashore, they warned the heavy rain and storm could spread across a wide area. People have been ordered to evacuate the Carolinas ahead of strong winds and heavy rain as the hurricane lands.


Most liked

Hurricane Helen latest: Atlantic storm to spark sunshine across Britain
Helene had maximum sustained winds of 70 miles per hour and was moving north-northeast at 22 miles per hour . A mother and baby were killed when a tree fell on a house, according to a tweet from Wilmington police.

Misleading Florence headlines suggest ‘MYRTLE BEACH COULD GET CUT OFF’
Florence's fatality count rose to seven on September 15, as the storm continued hammering the Carolinas and surrounding states. There have been seven storm-related deaths since Florence , then a Category-1 hurricane, made landfall Friday morning.

Turkey talking to all sides in Syria conflict for Idlib ceasefire
He also stressed that it's the responsibility of Turkey now to separate the terrorist groups from the moderate ones. With help from his Russian and Iranian allies, Assad has recaptured almost two-thirds of Syrian territory.

Feminist attacks Apple saying iPhone size not suitable for women's hands
The 7nm Apple A12 chipset is present under the hood of the newly unveiled iPhone Xs , iPhone Xs Max and iPhone Xr smartphones. Use the drop-down menus and sliders below to find the flawless contract plan for you.

Four dead as Florence drenches the Carolinas
A speed boat sits wedged in bushes in the parking lot of a waterfront hotel in New Bern, North Carolina, on September 14, 2018. More than 100 people were rescued and up to 75 more were awaiting rescue on Saturday morning, according to a town official.

Hurricane Florence projected path: How to track Hurricane Florence
And the storm surge, which could be as much as 12 feet in some areas, will be on top of sea level rise from climate change. Roy Cooper said at a briefing today.

Hurricane Florence to 'bring Mike Tyson punch to Carolina coast'
And it led to mixed signals from officials in SC , whose governor had canceled mandatory evacuation for several coastal counties. Some residents were resisting governors' calls to flee the region but remained fearful about the threats posed by the Florence.

Trump disputes Puerto Rico's hurricane death toll. Here's how they are calculated
Trump's comments came as Hurricane Florence , a potentially catastrophic storm, headed for the Carolina coast. Puerto Rico's government is run by the New Progressive party, a pro-statehood, Puerto Rico-only party.

Golovkin, Canelo prepare for boiling point in grudge match
September 14, 2018) Canelo and Golovkin will face off one final time before stepping into the ring against one another. But it was a tough, competitive matchup that delivered in other ways even without a victor at the end.

Berbatov backs Liverpool to see of Spurs on Saturday
Fabinho is full of desire and wants to be involved and I have to tell him "You're not involved this week" and that's not nice. Salah won the Premier League Golden Boot upon his return to England, netting 44 goals in all competitions for the Reds .

Meghan Markle May Have Just Performed the Ultimate Royal Duty
She can dump an entire family both sides and a best friend of 30 years and ignore it and be popular. And, according to the source , no matter where she is, Meghan prefers to keep a low profile.

Maurizio Sarri happy to bring John Terry 'home' to Chelsea as coach
Ruben Loftus-Cheek is a doubt for the game with an injury, while Emerson and Davide Zappacosta are also unlikely to feature. The former England centre-back rejected a move to Spartak Moscow this week, citing family reasons.

Hurricane Florence to cause massive flooding in US
Roy Cooper called Florence an "uninvited brute" that could wipe out entire communities as it grinds across the state. North Carolina Governor Roy Cooper said Florence was set to cover nearly all of the state in several feet of water.

Umpires reportedly considering boycott of Serena Williams matches
Williams smashed her racquet, breaking it, bringing about her second violation for racquet abuse, resulting in a point penalty. Umpires are allegedly unhappy at how 2018 US Open women's final umpire Carlos Ramos was treated during and after the match .

Local woman stays in North Carolina despite arrival of Hurricane Florence
North Carolina's Republican-controlled legislature enacted House Bill 819 (pdf)-which became law without any action by then-Gov. Farther up the coast , in New Bern, about 150 people waited to be rescued from flooding on the Neuse River, WXII-TV reported .