Turkey will continue to take steps to protect Turkish lira's value in international trade, Treasury and Finance Minister Berat Albayrak said on Tuesday.
Speaking at a symposium in capital Ankara, Albayrak said: "The U.S. dollar has been turned into a tool for diplomatic punishment. The U.S. dollar has lost its credibility."
The minister said Turkey will take steps keeping in view the free-market to reduce currency risk of companies.
European bank 'remains committed' to Turkey
The European Bank for Reconstruction and Development (EBRD) on Tuesday said it “remains committed” to Turkey, following the recent volatility in Turkish lira.EBRD’s cumulative investment in Turkey has reached nearly 10.7 billion euros ($12.2 billion) with 271 projects in Turkey, according to the bank's website.The EBRD is a leading investor in Turkey which was the biggest recipient of EBRD funds last year and has offices in Istanbul, Ankara and Gaziantep.
"We will determine companies affected by rising foreign currencies and we will continue to put them at ease," he added.
He also said tangible and effective reforms will be the most important part of Turkey's economic policy in the coming period.
Turkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions on Interior Minister Süleyman Soylu and Justice Minister Abdulhamit Gül for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey.
U.S. President Donald Trump on Friday ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively, causing the lira to lose value against the dollar.
Pakistanis launch ‘buy Turkish products’ campaign
The U.S. recent decision to double tariffs on Turkish aluminium and steel imports has been widely criticized by Pakistani citizens.Social media users in Pakistan have launched a campaign calling for purchase of Turkish products and lira."If you want to help Turkey, please buy their products and lira and visit Turkey instead of other countries for vacations," said Arshad Zaman, a Twitter user from Pakistan.Indonesian businesspeople reject US move against TurkeyAli Osman, another Pakistani, wrote on Twitter: "In early 1920s, Muslims of the sub-continent stood by Turkish brothers when they were in trouble, and now after 100 years we will again stand by our Turkish brothers and sisters.”Turkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey.U.S. President Donald Trump ramped up his attack on Turkey by increasing U.S. tariffs on Turkish aluminium and steel imports to 20 percent and 50 percent, respectively.EP Forum slams US tariffs on TurkeyAnti-U.S. sentiments in Pakistan is on the rise since January, after Trump suspended military aid to the country by accusing Islamabad of providing sanctuaries to Taliban factions fighting American troops in neighboring Pakistan."We have given a clear message to the U.S. that Pakistan would not follow its policy on the region but wants an equal say in all matters pertaining to peace," said Fawad Chudhary, the spokesman for Pakistan Tehreek-e-Insaf (PTI), which is set to form next government in the country.Ibrahim Qazi, a Lahore-based political analyst, suggested the PTI-led government should immediately sign the Free Trade Agreement with Turkey and should express solidarity with the country.“Pakistan should also set a stage for Turkey to benefit from Shanghai Cooperation Organization,” Qazi added.Iraqi Turkmens support Turkey amid US rowWorld leaders slam Trump’s sanctions, express support for TurkeyChinese firm to buy raisins from Turkey rather than USUS sanctions hurting its own reputation: Turkish FM
EP Forum slams US tariffs on Turkey
A group of European deputies following issues in Turkey has criticized the U.S. decision to impose additional tariffs on Turkish steel and aluminium."An economic destabilization of Turkey is in no one's interest," said a statement Tuesday by the European Parliament Turkey Forum, a cross-party MEP group founded to closely monitor Turkey's European Union accession negotiations.The forum added that it sees the U.S. sanctions as "illegitimate" and against World Trade Organization (WTO) rules.Iraqi Turkmens support Turkey amid US rowIt also highlighted the importance of solving problems through constructive diplomatic engagement between two NATO allies.Last Friday President Donald Trump ramped up an attack on Turkey by doubling U.S. tariffs on Turkish aluminium and steel imports.World leaders slam Trump’s sanctions, express support for TurkeyGerman MediaMarkt says in Turkey for the long runChinese firm to buy raisins from Turkey rather than USUS sanctions hurting its own reputation: Turkish FM
World leaders slam Trump’s sanctions, express support for Turkey
U.S President Donald Trump is facing an extreme global backlash after waging a war against the entire world and specifically Turkey by using economic sanctions as political leverage to administer pressure to get countries to comply with U.S interests.World leaders, including Germany, Pakistan and Russia, began to raise their voices against the Zionist- Evangelist terror of the U.S. right after Trump ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports.US sanctions hurting its own reputation: Turkish FMThe United States, the world's biggest steel importer, had also imposed tariffs of 25 percent on steel and 10 percent on aluminum in March for imports from a variety of countries.Turkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions on Interior Minister Süleyman Soylu and Justice Minister Abdülhamit Gül for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey.Erdoğan challenges USDubbing Trump’s economic sanctions as an economic war and calling it an operation against Turkey, Turkish President Erdoğan said, “We have seen your game, and we challenge you,” on Sunday.Following this, world leaders broke their silence and perceived that Trump’s moves would turn into an economic wave which would also affect them.“Germany wants an economically prosperous Turkey”Speaking at a news conference in Berlin on Monday, German Chancellor Angela Merkel said: "Germany wants an economically prosperous Turkey. This is also in our interest."Merkel emphasized that destabilization of the Turkish economy would serve no one's interest.'Germany is Turkey's most important trading partner''Germany would like to see an economically prosperous Turkey'Meanwhile, Germany’s Ministry for Economic Affairs and Energy spokeswoman Beate Baron said "Germany is Turkey's most important trading partner, and the trade volume between the two countries is 37.7 billion euros ($43 billion)."“Turkey can succeed against external pressures”Iranian diplomats also slammed the U.S. decision to impose tariffs on Turkey.Bahram Qassemi, Iranian Foreign Ministry spokesman, criticized U.S. President Donald Trump's sanctions and said, “Turkey and the Turkish people can succeed against external pressures.”"The will of nations cannot be changed by bullying and threats," Qassemi told Iranian television, emphasizing the importance of cooperation between the countries of the region.Iran slams Trump's tariffs decision targeting Turkey"We’ve stood with neighbors before, and will again now," Iranian Foreign Minister Mohammad Javad Zarif wrote on his official Twitter account.Confident about the future of Turkish economyStressing their confidence about the future of Turkish economy, Azerbaijan Foreign Ministry in a statement said “Our country will continue to invest capital and take an active part in Turkey's economy”"Azerbaijan, as always, will continue to support Turkish people and the state in all areas," it added.Azerbaijan voices confidence in Turkey's economyOn Monday, Lebanese businesspeople have launched a solidarity campaign for the Turkish lira by offering discounts for customers making purchases in Turkish currencyExpressing its solidarity, Pakistan reiterated its strong support for Turkish people and nation on Monday.“The people and the government of Pakistan reiterate their strong support for the government and the people of Turkey in their quest for peace and prosperity, and as always, will continue to stand by them towards the achievement of these shared goals,” a statement by the Pakistan’s Foreign Ministry said.Italy expects financial market attackItaly's Prime Ministry Undersecretary Giancarlo Giorgetti expressed Italy’s concern and said his country could face an economic attack similar to Turkey in August. He stated that they were expecting a similar crisis by the end of August or beginning of September as market assaults were affected by small summer trading volumes.Italy expects economic attack similar to Turkey"The markets are populated by hungry speculative funds that choose their prey and pounce… In the summer the market volumes are small, you can lay the groundwork for aggressive initiatives against countries. Look at Turkey," Giorgetti added.
Turkey faces speculative attack, not crisis: Banker
Turkey is facing a speculative attack rather than an economic crisis, the CEO of a major private lender said on Tuesday.Speaking at Anadolu Agency's Finance Desk in Istanbul, Denizbank CEO Hakan Ateş stressed: "We can talk about a speculative attack, not a crisis."The Banking Regulation and Supervision Agency (BDDK), Central Bank, Treasury, and Capital Markets Board (SPK) are all making timely decisions, he stressed.He added that the Turkish banking system is solid and that the Central Bank's decisions served to block speculation."Turkish people are able to overcome much bigger problems than speculative attacks," Ateş said.US sanctions hurting its own reputation: Turkish FMSyrians of Al-Bab rally in support of Turkey's liraRussia's Lavrov, in Turkey, calls US sanctions policy illegitimateTurkish Airlines pulls ads from US media as Ankara-Washington row escalatesEgyptian imam offers wife's jewelry to support TurkeyErdoğan says Turkey will boycott US electronic products
US sanctions hurting its own reputation: Turkish FM
Sanctions imposed by the U.S. on Turkey are shattering the U.S.’ reputation, warned Turkey’s foreign minister on Tuesday.“The era of bullying must end,” Mevlüt Çavuşoğlu said during a joint press conference with his Russian counterpart Sergey Lavrov at the 10th Ambassadors’ Conference in the capital Ankara."If the U.S. wants to continue being a reputable country, it cannot do so with these impositions," he said, referring to the sanctions."We are against the U.S. or any country imposing sanctions," he added.Syrians of Al-Bab rally in support of Turkey's liraHighlighting that Europe is also worried and reacting to the sanctions for two reasons, Çavuşoğlu said: "Firstly, for a stable and strong economy, Turkey is important for Europe and all its neighbors. Secondly, Turkey may be one of any EU or European countries tomorrow. All leaders at the NATO summit have seen this,” he said.For his part, Lavrov said that the U.S.’ "unlawful and illegitimate" sanctions policy cannot last for long.“We highly appreciate the rejection of our partners to join the anti-Russian sanctions,” Lavrov added referring Ankara's stance against newly imposed sanctions against Russia.Russia's Lavrov, in Turkey, calls US sanctions policy illegitimateSanctions on RussiaÇavuşoğlu said: “We have also made it clear that we do not agree with the EU's sanctions against Russia. We have also said that we do not agree with the sanctions against Iran.”Asked about U.S. National Security Adviser John Bolton’s meeting with Turkey's ambassador to the U.S. Serdar Kilic at the White House on Monday, Çavuşoğlu said the ambassodor “gave a very clear message” to the U.S.“Our ambassador has clearly given this message: 'Pressure, threats and sanctions in relations with Turkey would only bring chaos. The U.S. can develop its relations with Turkey with dialogue by leaving aside the language of sanctions and threat,'” Çavuşoğlu said.‘We will not allow Idlib to become Ghouta’He also said that the U.S. Embassy’s charge d’affaires will visit jailed American cleric Andrew Craig Brunson.Turkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions on two government ministers for not releasing Brunson, who faces terrorism-related charges in Turkey.President Donald Trump on Friday ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports.Precautions in SyriaTurkish FM said that he will discuss what could be done or which precautions could be taken in Syria’s Idlib with Lavrov.“It is clear what we should do in Idlib. Yes, we have 12 observation points there,” he added.Çavuşoğlu said there are armed terrorist groups in Idlib, which are a threat particularly to civilians and opposition groups.Bombarding all of Idlib just because there are some terrorists there is tantamount to a “massacre,” warned Çavuşoğlu.“The aim of these observation points are to determine when there are conflicts or violations, or a party disrupting a cease-fire, and, as guarantors, taking measures toward these."Since the moderate opposition and the people are very disturbed by these terrorists, we have to fight against them altogether, we have to succeed. It is crucial for us, for the security of our countries, for the future of Syria,” he added.The five-day ambassadors’ conference is hosting 249 Turkish ambassadors and two charge d'affaires, as well as a number of foreign diplomats.