"The fluctuation in the Turkish Lira is a plot against Turkey, but the Turkish people will not give in", the Turkish president defiantly said on Sunday in a live speech in northwestern province of Trabzon, sharply criticizing the United States of waging an "economic war" against his country.
In an interview with Hurriyet newspaper published online, Albayrak described the lira's weakness as "an attack", echoing President Tayyip Erdogan - who is his father-in-law - but he said Turkey's action plan was ready. He also took higher interest rates off the table and said Turkey wouldn't accept an worldwide bailout.
In response, President Trump doubled tariffs on aluminium and steel imports from Turkey, deepening the currency's losses and raising concerns that the crisis could weigh on other economies.
TRT World'sRahul Radhakrishnan has more.
Turkey's Capital Markets Board (SPK) and financial crime board have also said they would take legal steps against those who spread misinformation about financial institutions and firms, or reports that the government would seize foreign-currency deposits. Some investors have called for the benchmark rate of 17.75 per cent to be jacked up by 1000 basis points.
TRT World'sAndrew Hopkins speaks from the conference in Ankara.
"Turkey is under siege in the economy, as in other areas".
"I have respect for our president, but I can't sell my gold and foreign currency just because he made that call", said Mr Sevin Temur, a 58-year-old retiree.
"We expect the U.S. to be faithful to our traditional friendly relations and North Atlantic Treaty Organisation alliance", Mevlut Cavusoglu said in his opening speech at the 10th Ambassadors' Conference in the capital Ankara.
Calling the Turkish foreign policy as "multi-directional" and "multi-dimensional", Cavusoglu said the country's embassies play active roles in "enhancing economic, commercial and cultural relations, especially in the defense industry". These flows, some of which are highly mobile and short term, also expose Turkey to sudden stops and reversals when worldwide investors fear the worst.
Stocks close lower amid Turkish currency crisis
BBVA is the most exposed, followed by UCG, ING, BNPP and HSBC , whose share price was down 0.8 per cent in afternoon trading. The lira slipped below 7.0 to the U.S. dollar and was down 12 percent on Friday's value at one point this morning.
Turkish lira crisis gets worse with fresh 11% plunge
It confirmed that Kuwait's Finance Minister Nayef Al-Hajraf met with Albayrak at Kuwait International Airport on Sunday evening. In contrast, the Turkish economy grew by 7.4 percent a year ago - quicker than financial growth champions China and India.
Erdogan appeared unworried by the punitive measures imposed by the U.S., saying Turkey could turn to other partners and again terming the crisis an "economic war".
He added that Turkey would continue its "constructive engagement".
As President Recep Tayyip Erdogan lashed out at the United States, took higher rates off the table and said he wouldn't accept an global bailout, traders pushed down Turkish assets in a selloff that spilled over to other developing economies. "You are exchanging your strategic partner in North Atlantic Treaty Organisation for a priest".
Relations between the United States and Turkey had plunged to their lowest in decades following unprecedented sanctions declared by the United States on Turkey over US pastor Andrew Brunson, who faces terrorism charges and up to 35 years in prison if found guilty.
USA pastor Andrew Craig Brunson is at the centre of a diplomatic row between Turkey and the US.
Brunson is also accused of spying for political and military ends.
They fell 15 per cent yesterday at DP Eurasia, the outfit bringing Domino's delights to Turkey; a drop now totting up to 40 per cent-plus this month.
Why are Turkey and the USA at odds?
Also caught up in the sell-off is Russia's ruble, which today hit its lowest level against the United States dollar since April 2016 and its lowest level against the euro since April this year, partly reflecting the high amount of borrowing in foreign currencies by Russian corporates, but also concern about the damage that the latest round of U.S. sanctions against Moscow - imposed in the wake of the Salisbury poisonings - will do to the country's economy.
Uzoka was found fatally injured on Old Oak Road, Shepherd's Bush, west London, on the afternoon of 11 January this year. In the security footage, Koh and two friends are seen cornering Uzoka behind a parked auto , holding a large knife.
Security reportedly broke up the fight. "She took the money, and then she says Harden came up to her and handed her another $300". That is when Harden stepped in and grabbed her by the wrist, took her phone, and proceeded to toss it onto the roof.
His responsibilities included towing and pushing aircraft for takeoff and gate approach, de-icing them, and handling baggage. The plane was taken from a maintenance position and was not scheduled for passenger flight when it was taken.
However, Salah keeps looking at his phone and then continues to use his device for few seconds as he wheels away from the traffic. Liverpool's star man Mo Salah could be in trouble with the police having been caught on his mobile phone in his auto .
Moreover, the company has also started teasing the high-end R17 Pro which is said to be coming with triple rear cameras set up. The smartphone also ditches the physical fingerprint scanner at the front or back, and comes with an in-display one instead.
She led the Gophers to the 2004 Women's Final Four, after which she was the No. 4 overall pick in the WNBA draft by the Sun. Whalen led the Gophers to their only Final Four in program history in 2004, where the team lost to the University of CT .
It came at a court hearing for five adults arrested on charges of abusing 11 other children at the compound. The remains of a young boy, believed to be Abdul-Ghani, were found buried at the site three days later.
Scotland Yard said: "At 07:37hrs today, a vehicle was in collision with barriers outside the Houses of Parliament ". They also confirmed a number of pedestrains had been injured, and the male driver had been detained at the scene.
Who could've guessed that over 20 years later, she would be making her Buckingham Palace balcony debut alongside her new family? The source made it very clear that the former actress is frustrated and upset amid her dad's indiscreet paid interviews.
Madlanga said ordering Nxasana to return as National Director of Public Prosecutions (NDPP) would prolong instability at the NPA. The court further ruled that Nxasana repay the R10 million he has already received as part of his settlement.
Woods admitted he never imagined contending in back to back majors after having spinal fusion surgery a year ago . He outlasted good friend Dustin Johnson at Shinnecock Hills to become the first back-to-back U.S.
The problem? Many senior advisors were not aware of the photoshoot, and they ultimately banned her from sharing any of the images. Apparently, the incident only brought the Trump's administration's Office of Public Liaison under further scrutiny.
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Turkey also depends heavily on energy imports, making it vulnerable to rises in oil prices, as are the likes of India. He also emphasized that there was a plan in place for small to medium businesses, which he called the "real" economy.
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Barca have had a busy transfer window so far, having signed Arthur Melo, Clement Lenglet, Malcom and Arturo Vidal. Brown, who played for United over 350 times, does not think the defensive crisis is as bad as people think.
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Shortly after that, investigators believe he moved to the Sacramento area, beginning a new crime wave as the East Area Rapist. At the time of Snelling's murder, DeAngelo worked as a police officer in Exeter, about 12 miles away.
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Koepka wins second straight US Open golf title
It also allowed us in the commentary box to talk about the golf and not the golf course , which is what we always want to do. Even if you don't hit your 9-iron 160 yards, you can take more control of your iron play with some of Koepka's tactics.