Turkey promises to calm market jitters over lira nosedive


He said the fall in the lira was caused by a plot and did not reflect the country's economic state.

Angered by the continued detention of an American pastor, the US government imposed sanctions on two Cabinet ministers and threatened more.

One such official is Mathew Palmer, who was expected to begin his new assignment soon as US Deputy Assistant Secretary of State in the Bureau of European Affairs who will be responsible, among other countries, for Turkey. The US has responded by slapping financial sanctions on two ministers and later doubled steel and aluminium tariffs on Turkey.

The lira hit a record low of 7.24 to the dollar after the country's finance minister said Ankara was planning to roll out an "action plan" on Monday in response to the crisis.

The interior ministry said it had so far identified 346 social media accounts carrying posts about the exchange rate that it said created a negative perception of the economy.

The Turkish lira has nosedived over the past week amid concerns over President Recep Tayyip Erdogan's ability to deal with the turmoil and a diplomatic spat with the United States.

"The aim of the operation is to make Turkey surrender in all areas from finance to politics".

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The Perseid Meteor Shower makes its annual display from July 17th - 24th; however, the shower's peak falls on August 12 - 13th. Friday early night may end up being our best viewing due to weather . "You really have to get out in the country", he said .

"I here declare that we have seen your plot and we are challenging it", said Erdogan. "With God's permission we will overcome this", Erdogan told his party members in the Black Sea city of Trabzon. "Do not take a stance saying, "We are bankrupt, we are done, we should guarantee ourselves.' If you do that, that would be wrong".

He had also said that dollars, euros and gold were now 'the bullets, cannonballs and missiles of the economic war being waged against our country'.

Erdogan indicated he was in no mood to offer concessions to the United States in one of the worst spats between the two North Atlantic Treaty Organisation allies in years.

He said the crash of the lira, sparked by his bitter dispute with the U.S., was a "political plot" against Turkey and warned that Ankara would now seek new markets and partners, AFP reported.

"You dare to sacrifice 81-million Turkey for a priest who is linked to terror groups?"

American pastor Andrew Brunson, if convicted, faces a jail term of 35 years.

Trump urges Erdogan on Twitter to free him, describing his continuing detention as "a total disgrace".

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Russian Foreign Minister Sergei Lavrov is to hold talks on Monday in Ankara with his Turkish counterpart Mevlut Cavusoglu, focusing on bilateral ties and the Syrian crisis in the midst of escalating tensions between Ankara and Washington.

U.S. pastor Andrew Craig Brunson is at the centre of a diplomatic row between Turkey and the US.

Meanwhile, Atlantic Council Middle East expert, Aaron Stein, claims Erdogan might have made an error in overestimating his importance to President Trump, adding that if Turkey denied the United States access to the Incirlik military base, with which the US has strategic interests, such a move would invoke the wrath of NATO allies.

"Because of the high participation of foreign banks and portfolio investors in Turkey, there are clear risks of contagion", Hasnain Malik, a strategist who is the head of equity research at Exotix, said in an email.

LONDON - European markets started the week deep in negative territory before recovering a little over the course of Monday as the crisis over the Turkish lira drags on investor sentiment around the world.

Mr Erdogan ruled out the possibility of higher interest rates, which economists said are needed to stabilise the currency.

The Brunson case is just one of many bones of contention between Turkey and the United States, ranging from Syria to Ankara's increasingly cosy relationship with Moscow.

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