Erdogan says Turkey to 'boycott' USA electronic goods

New Plan to Rescue Turkey's Deteriorating Economy

Turkish Presidency Communications Director Fahrettin Altun tweeted that President Recep Tayyip Erdogan said early the same day in Trabzon it was responsibility of both the state and industrialists and merchants to keep the nation on its feet, otherwise they would have to implement plan B or plan C. "Fixing the Turkey crisis, however, also means helping these other markets recover at least some of then recent weakness".

The lira tumbled to a record low of 6.97 to the dollar in early Istanbul trading on August 13, meaning it has lost 46 percent of its value this year.

Analysts say the financial crisis has been a long time coming and reflects Turkey's refusal to raise interest rates to curb double-digit inflation and cool an overheated economy.

"We will give our answer, by shifting to new markets, new partnerships and new alliances, to the one who waged an economic war against the entire world and also included our country", Erdogan said. "We will protect our economic independence by being tight-knit together", he told members of his AK Party in a speech.

Trump asked for Erdogan to release a USA pastor, and Erdogan said he'd look into it, the report says.

Turkey's central bank on Monday announced it was ready to take "all necessary measures" to ensure financial stability after the collapse of the lira, promising to provide banks with liquidity.

In his remarks a day earlier, Erdogan said it was a pity the United States was choosing Andrew Brunson - a US pastor on trial in Turkey on terrorism charges - over its North Atlantic Treaty Organisation ally.

Aidan Yao, senior emerging Asia economist at AXA Investment Managers, said the chance that the Chinese government would extend aid to Turkey was not small, but would be based on political rather than economic calculations given the risks that would be associated with such a move.

"Otherwise we will set into motion our plan B and C", he said, without elaborating.

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None of this looks remotely sufficient to deal with the scale of the crisis, particularly given the paucity of Turkey's foreign currency and gold reserves - which are often used by central banks to fight off currency speculators.

While Turkey and Argentina face very different political situations, the currencies of both countries have tumbled to all-time lows against the dollar, partly because rising interest rates in the United States lure investors to take money out of their markets and move it to the US.

"What you want to see is tight monetary policy, a tight fiscal policy and a recognition that there might be some short-term economic pain - but without it there's just no credibility of promises to restabilise things", said Craig Botham, Emerging Markets Economist at Schroders.

Turkey's economy has been under punitive sanctions from the United States over the ongoing detention of a USA pastor, Andrew Brunson.

He again accused the United States of sacrificing Turkey for USA pastor Andrew Brunson, sued in Turkey on charges of terrorism.

"I believe that would help to facilitate a solution, including to the economic problems", Maas said.

Soner Cagaptay, director of Turkish research programme at the Washington Institute, said the confrontation has now become between the leaders of the two countries, particularly over detained American pastor Andrew Brunson.

On July 18, ties take a turn for the worse when a Turkish court orders an American pastor, Andrew Brunson, held for nearly two years on terror charges, to remain in prison. The U.S. has responded by slapping financial sanctions on two ministers and later doubled steel and aluminum tariffs on Turkey, driving the concerns over Turkey's economy which are rattling global financial markets.

"A normalisation of relations with the USA could also reduce the amount of legwork that the central bank will have to do to control the economic situation, but this is unlikely to happen at the moment", she added.

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