Turkey lira meltdown LIVE: Trump attacks Erdogan as panic sparks global sell-off CONTAGION | World | News
This was a weakening further from Thursday’s 5.55.
The decline comes amid Turkey’s rift with the US.
They have been at loggerheads over the detention of US evangelic pastor Andrew Brunson on terrorism charges.
Turkish Finance Minister Berat Albayrak has defended Turkey’s situation in a speech in which he promised to “transform” Turkey’s economy.
He also said monetary and fiscal policies are now under the same leadership, resulting in a more “efficient and powerful” ministry.
Turkish president Recep Tayyip Erdoğan tried to downplay concerns of the economy and told Turks “not to worry”.
Donald Trump tweeted: “I have just authorised a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminium will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!”
Shares of Turkish steelmakers Kardemir and Erdemir plunged as much as eight percent and 9.9 percent respectively after Trump’s tweet.
More to follow…