Washington

Turkey's currency takes 19% dive to fresh all-time low after Trump tweets new tariff rate

7 monthes ago   |   By Business Insider

Evan Vucci/AP
The Turkish lira fell as much as 19% versus the dollar Friday.
Trump said he would double the steel and aluminum tariff rate for Turkey.
Washington recently imposed sanctions on Ankara over detained Americans.
President Recep Tayyip Erdogan called on citizens to convert other currencies and gold into lira.
Watch the lira trade in real time here.
Turkey's currency plunged to fresh all-time lows against the dollar Friday after President Donald Trump announced in a tweet that he would double tariffs on aluminum to 20% and on steel to 50%.
"I have just authorized a doubling of...
Read more ...

 

Turkey's currency takes 17% dive to fresh all-time low after Trump tweets new tariff rate

Turkey's currency takes 17% dive to fresh all-time low after Trump tweets new tariff rate

7 monthes ago   |   By Business Insider

Evan Vucci/AP
The Turkish lira fell as much as 14.6% versus the dollar Friday.
President Recep Tayyip Erdogan called on citizens to convert other currencies and gold into lira.
Washington imposed sanctions on Ankara over Americans detained in Turkey.
Watch the lira trade in real time here.
Turkey's currency plunged to fresh all-time lows against the dollar Friday after President Donald Trump announced in a tweet that he would double tariffs on aluminum to 20% and on steel to 50%.
"I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency...
Read more ...

 

Turkey's lira crisis may be down to Erdogan's fundamental misunderstanding of how 'evil' interest rates work

Turkey's lira crisis may be down to Erdogan's fundamental misunderstanding of how 'evil' interest rates work

7 monthes ago   |   By Business Insider

The Turkish lira collapsed by over 35% in value versus the US dollar this year - a dramatic and sudden fall.
Yet the Turkish economy is growing strongly.
The trigger for the crisis may be investors' realisation that President Recep Tayyip Erdogan doesn't understand, or doesn't believe in, the role central banks play in setting interest rates that control inflation.
Erdogan has called interest rates "evil" in the past, and it's an attitude that may be spooking markets.
LONDON - Turkey's economy went from being rocky-but-fixable into a full-blown currency crisis today as the Turkish lira...
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