Turkey's lira hit a new record low against the U.S. dollar in early trade on Friday, as concerns over a widening rift with the United States persisted after a Turkish delegation returned from talks in Washington with no apparent solutions to the crisis.
The lira went into free-fall, sinking more than 12 percent at one point to reach and all-time low, having now lost more than one third of its value this year against the United States dollar and the euro.
The Turkish lira fell against the USA dollar due to mounting tensions between Turkey and the USA in the wake of Ankara's refusal to release American pastor Andrew Brunson who is suspected of being involved with a terrorist group.
Speaking to supporters in the Black Sea province of Rize late on Thursday, Erdogan brushed off concerns over the currency as campaigns against Turkey. He said: "If they have their dollar, we have the people, we have Allah". We are working hard.
The Trump administration imposed financial sanctions against two ministers of President Recep Erdogan's cabinet, a move that sent the Turkish lira plummeting.
The standoff has triggered a selloff in the lira amid investor concerns about the direction of the country.
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"We are entering into a balance-of-payment crisis here", said Cristian Maggio, head of emerging market strategy at TD Securities in London.
Inflation stands at almost 16% but Turkey's central bank is reluctant to act - especially with the president having described himself as an "enemy of interest rates".
Last week, Mr Erdogan urged Turks to exchange gold and other currency for lira in a effort to boost its value. He has presented an economic action plan for the next 100 days.
Ankara is turning towards China to overcome what Erdogan said were "subjective evaluations" from ratings agencies. Erdogan said China, Mexico, Russia and India will be new markets for his country's exports.
The currency is under pressure on multiple fronts, with no progress reported in a dispute with the U.S. over the jailing of an American citizen over allegations, which he denies, that he supported an attempted coup in 2016.
Everton trebled their tally of summer signings from Barcelona on a productive deadline day for new manager Marco Silva. I know about Everton's players and I look forward to being able to play with my new team.
As a result, Russian analysts say that fresh sanctions are unlikely to weaken Putin, at least in the short term. The shares of Russian state-controlled banks, the national carrier Aeroflot and other companies also tanked.
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The Queen didn't look impressed when an adorable pony, called Cruachan IV, defecated in front of her at Balmoral Castle yesterday. The castle is open to the public until the end of July and has been prepared for the Queen's arrival over the last week.
It's also already surpassed any other Japanese game in Steam history, and by extension it's Capcom's biggest PC title, too. Maybe once the PC version catches up to the PS4 and Xbox One versions in patches we can have this discussion again.
We spoke to Kompany and Walker and they seem so intent to not drop below the mentality and standards they achieved past year . I think Liverpool need to go out of the Champions League pre Christmas to have a good chance of winning the league.
Another natural disaster has struck the Indonesian island of Lombok as the community battles to recover from Sunday's quake. Indonesia's geological agency said the quake was shallow, at a depth of 12km, centred in the northeast of the island.
Ed Dove is a writer and scout who has a deep and enduring passion for African sport, politics and literature. Ayew, 26, was the club's top scorer last season with 11 goals as they were relegated from the Premier League.
As soon as the collection was launched by the star, many items from the limited edition were sold out instantly. The second photo reads " my heart " and sees Kylie and Stormi both seated up and looking right into the camera.
Bull said Lyle's death would be felt across the globe - a testament to the impact the boy from Shepparton had wherever he went. Last week he went into palliative care and went home to spend time with his family. "Our humble thanks to you all", she added.
Discord Goes Up Against Steam With New Game Store
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Dolphins, Eagles players protest during national anthem
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