Turkey to boycott USA electronics: Erdogan

Turkey President says it will boycott US electronics as lira steadies

Turkey is in the middle of a financial crisis with the collapse of its currency, lira, in recent days amid worsening relations with its North Atlantic Treaty Organisation ally, the United States.

The authorities have claimed to have identified some 350 social media accounts that are guilty of undermining the lira with "fake news" that contradicts the government's claims about the strength of the Turkish economy. The Turkish lira stabilised after rebounding more than 8 per cent overnight.

MSCI's broadest index of Asia-Pacific shares outside Japan slid more than 1 per cent to its lowest since August 2017, after bouncing 0.4 per cent the previous day when the Turkish lira showed signs of stabilising.

Yesterday, the lira recovered some ground, trading at 6.53 to the dollar, up around 5 per cent on the day.

Turkey's dispute with the Trump administration over the fate of Brunson has poured fuel on the crisis.

The U.S. has already doubled steel and aluminum tariffs on Turkey and slapped sanctions on two Cabinet ministers.

Meanwhile, Turkey has also decided reject a US appeal calling for the release of an imprisoned American pastor.

The US disputes have also contributed to the lira's plunge.

"The attractive rate advantage of USA bonds is strengthening demand for the dollar".

"When the dollar turned in the second quarter we had a really weak EM market", noted Said Haidar, founder and chief investment officer, at NY hedge fund Haidar Capital Management.

What does this mean for people in Turkey?

The lira's fall had raised fears Turkey was on the verge of a fully-fledged economic crisis, especially in its banking system, that could spill over into Europe and other markets.

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What steps have been taken?

The central bank also lowered reserve requirement ratios for banks, in a move also aimed at staving off any liquidity issues.

The industry ministry announced the activation of $1.2bn for the Turkish industrial production, along with some other measures taken by the finance ministry on Tuesday.

Erdogan also renewed a call for Turks to convert their dollars into lira, to help strengthen the currency.

He has urged manufacturers not to rush to buy dollars.

The evangelical pastor is accused of terrorism charges and aiding the network of a US -based Islamic preacher blamed by Ankara for masterminding a coup attempt in July 2016 against Turkish President Tayyip Erdogan.

How are global markets affected?

Erdogan also has called on people to exchange their USA dollars for Turkish lira to help strengthen the exchange value of the country's currency.

India's currency has fallen around nine percent this year, amid higher oil prices and a widening trade deficit. The benchmark 10-year Treasury note yield declined 1 basis point to 2.882 per cent after poking above 2.900 per cent on Tuesday.

South Africa's central bank said it was not yet ready to intervene to support the currency.

"It is hard not to see the lira remaining under pressure until we see a material fiscal restraint to cool down the economy, along with a measurable lift in rates by the central bank and a diplomatic resolution to United States tensions", said the analyst.

Lavrov said Russian Federation and Turkey would continue talks for the full implementation of Astana deal which envisages de-escalation zones in Syria, including in Idlib. "In the first place of course it's an advantage for us", German tourist Barbara said on the Golden Horn, walking with her husband.

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