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Germany: There is no direct aid to Turkey and the Turkish lira continues to decline

2018-08-29 12:35 pm | Resource: News | No Views : 273

Germany: No direct aid to Turkey The German government confirmed on Wednesday that Berlin has not changed its stance on possible assistance to Turkey and no direct aid will be considered, according to media reports. However, Germany added that other options were being taken in consedration.

Germany: No direct aid to Turkey

The comments came after a report on Tuesday said Germany was looking to provide emergency financial aid to Turkey, where the Berlin government is concerned that the crisis in Ankara could destabilize the region.

The Berlin government is concerned that the crisis facing Ankara could destabilize the region, the Wall Street Journal reported on Tuesday, citing unnamed EU and German officials in a report released yesterday.

Turkey is facing a currency crisis after the United States imposed sanctions and imposed higher tariffs on steel and aluminum to pressure the country to release US Rev. Andrew Brunson, causing the Turkish lira to fall to record highs.

The Turkish lira extended its recession for a third day as the central bank's overnight borrowing limits failed to boost investor sentiment.

The dollar rose 2% against the lira, leading to declines among emerging market currencies. The central bank said on Wednesday it was changing overnight borrowing limits for banks, effectively tightening liquidity by ending unfettered funding since August 13.

The Turkish Lira

The lira traded 1.6 percent at 6.3746 against the dollar at 11:36 am in Istanbul. Apart from the Argentine peso, the currency is the worst performer in emerging markets this year. The yield on 10-year bonds rose 19 basis points to 21.95 per cent, after hitting a record high earlier this month..

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