Turkey’s treasury and finance minister early Monday vowed to fight “lies” that deposit money would be seized or that foreign currencies in bank accounts would be converted into Turkish liras, saying that no such steps will be taken.
"Deposit money will not be seized. Foreign currencies in bank accounts will not be converted into Turkish liras. However, those lies will be fought off until the end in the judicial sphere," Berat Albayrak tweeted.
Albayrak said an action plan is coming into effect starting early Monday.
"Our institutions will take the necessary steps to relax the markets," he said.
Albayrak said they prepared the plan together with banks for the real sector, the sector the most affected by recent currency fluctuations.
"We will take the necessary steps rapidly, together with our banks and the Banking Regulation and Supervision Agency," he added.
Russia says will cut holdings of US securities amid sanctions
Russia will continue decreasing its holdings of U.S. securities in response to new U.S. sanctions on Moscow, Finance Minister Anton Siluanov said, RIA state news agency reported on Sunday.Russia will increasingly use roubles and other currencies, including the euro, rather than the U.S. dollar in its settlements, Siluanov said, speaking on state TV.
Iran slams Trump's tariffs decision targeting Turkey
Iranian Foreign Ministry spokesman Bahram Qassemi on Saturday criticized U.S. President Donald Trump's decision to impose additional tariffs on Turkey.Qassemi said Turkey and the Turkish people can succeed against external pressures."The will of the nations cannot be changed by bullying and threats," Qassemi told Iranian television, emphasizing the importance of cooperation between the countries of the region.US tariffs decision against Turkey 'shameful,' Iran saysUS tariff hike on Turkey fails to make economic senseQassemi's remarks followed those of Iranian Foreign Minister Javad Zarif, who had said: "Trump's jubilation in inflicting economic hardship on its NATO ally Turkey is shameful. The U.S. has to rehabilitate its addiction to sanctions bullying or entire world will unite -- beyond verbal condemnations -- to force it to."We’ve stood with neighbors before, and will again now," Zarif wrote on his official Twitter account.Zarif's remarks came a day after Trump ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively.Turkish Foreign Ministry spokesman Hami Aksoy on Friday said in a statement that Trump's decision, which disregards World Trade Organization rules, "cannot be associated with seriousness expected from a state"."All the steps taken against Turkey will be given a befitting response as they have been given before," Aksoy added.
Turks sprint to support national currency after Erdoğan call
Turks from all walks of life have taken it upon themselves to help support their country’s national currency after President Recep Tayyip Erdoğan called on citizens to exchange their dollars and euros to Turkish lira, which experienced a sharp decrease in value following an escalating row between NATO allies Ankara and Washington. A large number of Turks launched individual initiatives aimed at encouraging their fellow citizens to support the lira.One citizen, a baker, offered free loaves of bread to anyone who exchanged their dollars, while another offered a free haircut to those who answered Erdoğan's call. Long lines formed in front of jewelers and exchange offices across Turkey as citizens flocked to sell whatever gold or dollars they have on hand to help support the ailing lira. One such citizen is Hatice Yavuz Duygu who expressed her joy to reporters after she exchanged her dollars to Turkish liras. “I’m happy, I never think or feel sad as I always put my support behind the Turkish lira,” she said.National struggle"Anyone who has dollars, euros, or gold underneath their mattresses should go to the bank and convert them into Turkish liras," Erdoğan told a rally on Friday in the northeastern Bayburt province.Erdoğan called such moves part of a "national struggle.""This will be my people's answer to those who declare economic war against us," he added. Süleyman, a trucker from the province of Kayseri, who despite not having any gold to sell or dollars to exchange, still managed to answer Erdoğan’s call by donating his truck to the government. A teller at an exchange office in Nevşehir spoke to Yeni Şafak about the large turnout of citizens who responded to the president’s call to exchange their dollars. “Especially in the last three to four days, our citizens have seriously begun to exchange their dollars. I’d say 80 percent of citizens have exchanged their dollars and euros based on what I’ve seen.”'US sanctions instigate economic war'Erdoğan: You can never bring this nation in line with the language of threats“Protect your country” “We have to protect our country,” a man from the crowd of people waiting to exchange their dollars yelled. “We have no other country. If you don’t want to become like Syria, then protect your country. The day is that of unity, not of playing politics. I, too, exchanged my foreign currency, everyone should do that no matter how much they have.”Criticizing what he called the "interest lobbies," he added that they cannot "overthrow" Turkey.Trump attacks Turkey after Erdoğan calls on TurksTrump said Friday on Twitter that he authorized the doubling of tariffs, noting that "aluminum will now be 20% and steel 50%. Our relations with Turkey are not good at this time!"He later said in a proclamation released by the White House that the additional tariffs would begin on Aug. 13.Trump's announcement came less than an hour after Erdoğan urged Turks to help defend the country against the economic war against the country.The United States, the world's biggest steel importer, imposed tariffs of 25 percent on steel and 10 percent on aluminum in March for imports from a variety of countries.Since then, its relationship with Turkey, the sixth largest steel importer to the United States, has deteriorated, prompting Ankara to send a delegation this week to Washington to meet with both the State and Treasury Departments.Last week, the United States imposed sanctions on Turkey's justice minister and interior minister for not releasing Pastor Andrew Brunson.Securing the release of evangelical Pastor Brunson, who was arrested in 2016 and faces terrorism charges in Turkey, is a top priority for the United States, and it is also tussling with Turkey over trade issues and differences over Syria.Turkey undeterred by threats: presidential aideUS tariff hike on Turkey fails to make economic sense