Posted on 03/24/2019 8:46:22 PM PDT by NorseViking
ISTANBUL (Reuters) - Turkish President Tayyip Erdogan said on Sunday those in the finance sector who buy foreign currencies on the expectation that the lira will fall will pay "a very heavy price", adding the Finance Ministry is carrying out work on this.
The Turkish lira tumbled more than 4 percent against the U.S. dollar on Friday, its biggest one-day fall since a currency crisis took hold in August, raising concerns that Turks are buying more foreign cash as ties with Washington deteriorate.
Central bank data showed on Thursday that forex deposits and funds including precious metals held by Turkish locals hit a record high in the week to March 15, which economists said signaled a fall in confidence in the lira.
The lira stood at 5.7800 against the dollar at 2005 GMT in Asian trade, weakening from Friday's close of 5.7625.
Speaking at a local election rally in Istanbul, Erdogan said "some people" had begun provoking Turkey and that they were attempting to make the lira decline against foreign currencies with their cooperators in Turkey.
"I am calling on those who engage in such activities on the eve of elections, we know all of your identities. We know what all of you are doing. Know this, after the elections, we will present you with a heavy bill," he said.
Turks will go to polls on March 31 for local elections.
In an interview with broadcaster TGRT Haber later on Sunday, Erdogan also said Turkey would give a hard time to those in the international community behind what he called "manipulative impositions" in the FX market.
(Excerpt) Read more at yahoo.com ...
My guess as to why President Trump is having 1,000 American forces stay in Syria is to “dissuade” the Islamist Erdogan from making moves against the Kurds.
MAKE SURE TO CHECK LABELS in your stores to boycott Turkish products wherever possible. It’s not just staples like olive oil, spice, and sauces, but also shirts, pants, hats and socks in places like WalMart. Do your best to avoid them. PLEASE DO NOT FUND THE WOULD-BE CALIPHATE.
Good.
They kept the fight going against ISIS single handed for a while.
I don’t know if thy’re good people or bad or communists or not but they were the ONLY ones willing to stand up to ISIS, including obama, until Russia jumped in to help Syria and then Trump REALLY crushed them.
The enemy of my enemy is my friend.
Did somebody tell him that Soros was “interested” in Turkish lira?
More likelly he’s doing it to send back ISIS fighters the Saudi’s and others sent there.
That’s ‘foreign affairs’...!~
you read my mind. I bet he’s going to make a killing on the collapse of the turk lira
It is unlikely but Erdogan might be right. All things considered TL is infamous for epic squeezes on both sides eating up to a fourth of all wealth for some households in Turkey.
Then TL falls they are rushing to banks to buy dollars and euros. Then it suddenly recovers and they run back to banks to sell.
The majority buys at highs and sell at lows. Some several times a year.
Not as heavy a price as Erd will pay to keep it up.
The man in black LOL!
Some of the new sanctions on Venezuela have to do with their gold transactions, which Erdogan had a hand in.
Smuggling gold and oil are his family’s biggest rackets.
But there is more than one problem going on in Turkey. It is not just money that is leaving, but their best and brightest people as well.
There was a very nice ad for Turkish Airlines on YouTube today.
Iran's President Hassan Rouhani, Russia's Vladimir Putin and Turkey's Tayyip Erdogan meet in Sochi, Russia November 22, 2017. (photo credit: SPUTNIK/MIKHAIL METZEL/KREMLIN VIA REUTERS) The Three Amigos
Ok, either these people will starve or Erdogan stick... Turkey as Venezuela , the islamic fheater...
EU domino effect. I think if Turkey falls, Italy falls and then Germany falls.
Turkey owes a lot of money and a falling Lira will erase all their growth gains...
I dunno. It seems to me when a nation’s leader criticizes those who short his country’s currency, it is a good time to short that country’s currency...
Someone should short erdogan.
Also boycott Turkish firearms.
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