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The Turkish lira fell in tandem with the attack on the US embassy in Ankara

2018-08-20 01:32 pm | Resource: | No Views : 278

The Turkish lira fell in tandem with the attack on the US embassy in Ankara, where the Turkish lira fell on Monday after a further downgrade of the country's credit rating on Friday and reports of shots fired at the US embassy in Ankara.

S & P and Moody's downgraded Turkey's sovereign credit rating on Friday amid a currency crisis in the country.

Standard & Poor's pointed out "extreme volatility in the value of the lira," while Moody's warned of "weakening public institutions in Turkey and related reductions in predictability of the Turkish policy industry."

Market observers also monitored developments after the US embassy in the Turkish capital was shot on Monday, causing no casualties.

Relations between the United States and Ankara have deteriorated and concerns over the growing control of Turkish President Recep Tayyip Erdogan over monetary policy and the economy have seen the lira faltering more than 40 percent this year.

The decline in the lira led to a deterioration in the financial markets amid concerns about exposure of companies to the Turkish currency and the Turkish economy.

Sentiment towards Turkey stabilized to some extent following a move by the country's authorities last week to make it more difficult for foreign investors to bet on the lira, as well as a renewed pledge by the Turkish finance chief not to use capital controls.

Erdogan: There is an attempt at the economic coup in Turkey

Turkish President Recep Tayyip Erdogan said today that after his re-election to the AKP, sanctions against Turkey amounted to an "economic coup."

"What happened to the pound has nothing to do with the economy and the crises we had before," Erdogan said, speaking indirectly at the party work in Ankara. "Our economy is healthy, standing and holding up." The exchange rate will return to reasonable indicators in the near future. "

We do not give up to those who act as strategic partners but make us a strategic target, "he said. Of our goals. "The Turkish president also hinted that Washington was achieving its goals by" exploiting "other countries.

The Turkish lira has fluctuated over the past two weeks as tension between Ankara and Washington escalated over the arrest of Rev. Andrew Brunson.

Turkish financial markets are expected to close early on their half-day holiday on Monday and will remain on holiday for the rest of the week.
The dollar rose 1.38 percent to 6.1007 an hour (10:25 GMT). The lira recovered from record lows of 7.2 against the dollar, which had reached just over a week, but remained low around 23% during the month.

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