File photo
It is clear that situation Turkey is facing does not have any economic basis, chairman of the Participation Banks Association of Turkey said on Wednesday.
"This situation cannot be explained economically. Our markets are being manipulated and this is a politics-driven economic attack," Metin Ozdemir said in a statement.
The effects of these "speculative attacks" against Turkey will be limited, he added.
President Donald Trump announced on Aug. 10 the U.S. was doubling aluminium and steel import tariffs on Turkey, fixing them at 20 percent and 50 percent, respectively.
Turkey is standing firm against speculative attacks on its economy, said the parliament speaker on Wednesday."Turkey, with all of its political parties, took a determined stance on the attacks against it," said Binali Yıldırım during a visit to the Turkish Republic of Northern Cyprus (TRNC).“We are taking necessary precautions against these asymmetrical attacks and will continue to do so.”Turkey got serious global support on US move: Mevlüt ÇavuşoğluYıldırım, on his first official visit abroad as parliament speaker, met with his Turkish Cypriot counterpart Teberruken Ulucay as well as TRNC President Mustafa Akinci.Underscoring the significance of Turkish ties with Northern Cyprus, Yıldırım said: "We do not see the TRNC and Turkey as separate in any matter. Our joy, grief, and future are one."On recent developments in Turkey’s economy, he stressed that such economic attacks have a global dimension.Erdoğan, Merkel talk over phoneTurkish Cypriot President Akinci also expressed solidarity with Turkey on the recent developments, saying: "Some powers from thousands of kilometers away are trying to stir up things here, they are trying to promote their own interests here."Echoing Yıldırım, Akinci said the "rough period" that Turkey is going through has both "political and economic dimensions."On the divided island’s future, Yıldırım said the Greek Cypriot side must be mentally ready for resolution, but added: "Any resolution overlooking the TRNC's political equality is unthinkable."Now is the time to buy Turkish assets: Investment guruRussia's Rostec ready to expand cooperation with Turkey
Turkey standing strong against attacks: Yıldırım
Turkey has increased tariffs on several U.S.-origin products, including alcohol and tobacco products and cars, according to a new presidential decree published early Wednesday in the official gazette.
Ozdemir underlined that Turkey achieved a fiscal discipline and has concrete economic structure.
He noted that the balance sheet of the banking sector has a strong asset base and is resilient to external shocks.
"When government debt stock is considered, we are at a manageable position compared to other developing countries," he said.
"We will rely on numbers, are aware of our power and will not collapse against speculative moves."
Amid its tensions with the U.S., Turkey has gotten huge support from across the world, Turkey’s foreign minister said on Wednesday. “These events have opened the eyes of the world,”Mevlüt Çavuşoğlu told a joint press conference with his Sudanese counterpart Al-Dirdiri Mohamed Ahmed at the 10th Ambassadors’ Conference in the capital Ankara.Çavuşoğlu said that the international community saw the U.S. “disrespectful attitude towards all countries” since the present administration came to office.He added that it is also internationally known that the U.S. would use its economic power "roughly" against other countries.“So everyone is looking for a way to get out of the dollar,” he said.Çavuşoğlu stressed that Turkey will continue its “upright stance."“We will continue our efforts to resolve present problems through diplomatic means...But we will not give into pressure or imposition,” he said referring ongoing tension between Ankara and Washington -.As they have learned from their experiences, Turkish authorities are taking measures to reform the economy, he said.The measures already taken have relieved the markets, he added.Mentioning Turkey's worldwide humanitarian supports, Çavuşoğlu stressed that Turkey has used its power in favor of humanity and its friends and that other countries took note.Turkey is the “world’s most generous country” in terms of foreign aid, he said, adding that oppressed people worldwide noticed this and prayed for Turkey’s strong economy.Çavuşoğlu also highlighted that the EU and countries which have economic ties with Turkey favor a strong Turkish economy.Brunson caseOn the detention of American pastor Andrew Brunson,Çavuşoğlu said that the U.S. and other countries should not only consider their own disappointment but also others’.Telling how the U.S. supplied large number of arms to the YPG/PKK, a terrorist group near Turkey’s borders, he said those arms are now being sold on the open market.Çavuşoğlu also cited U.S. support for Fetullah Gülen, the Pennsylvania-based leader of the Fetullah Terrorist Organization (FETÖ) which orchestrated a July 2016 defeated coup attempt in Turkey, martyring 251 people and injuring thousands.“We see that they [the U.S.] try to protect FETÖ members in third countries,” he said, adding that U.S. ambassadors support FETÖ members in some countries that want to get rid of the terror group.Stating that if there is a crime, everyone needs to be subject to the judicial process, Çavuşoğlu said Turkey wants to solve all issues through negotiations and dialogue, not pressure and impositions.“But there is a serious confusion,” he added, referring to the U.S. trying to apply pressure on Turkey.F-35 fighter jetsOn U.S. moves to ban sales of F-35 fighter jets to Turkey, Cavusoglu said:“This has no practical meaning. Turkey has already taken delivery of two of them.” He explained that Turkish pilots are now training with the jets in the U.S. for two years.A U.S. defense spending law signed this week includes a measure prohibiting F-35 sales to Turkey until the Pentagon issues a report on Turkish-U.S. relations in 90 days.Turkey has been in the F-35 program since 1999. The Turkish defense industry has taken an active role in their production, including Alp Aviation, AYESAS, Kale Aviation, Kale Pratt Whitney, and Turkish Aerospace Industries making parts for the first F-35 fighter jet.Turkey plans to purchase 100 F-35 fighter jets in the years to come.“So there is no suspension,” Çavuşoğlu said, adding that the restrictions on delivery of the jets are a domestic issue of the U.S.He added that the U.S. using such matters to pressure other countries hurts its standing and prestige.“No country is without alternatives, not desperate, and every country is honorable...They need to respect this.”Erdoğan, Merkel talk over phoneNow is the time to buy Turkish assets: Investment guruRussia's Rostec ready to expand cooperation with Turkey
Turkey got serious global support on US move: Mevlüt Çavuşoğlu
Messages of support and solidarity with Ankara against Washington’s economic war continue to pour in from across the globe as leaders from all five continents stand united with Turkey in the face of U.S. President Donald Trump’s tariffs and sanctions against Turkish ministers under the pretext of Ankara’s ongoing arrest of U.S. pastor Andrew Brunson. Message of support from Indonesia and QatarThe Indonesian Council of Ulama on Wednesday expressed strong support for Turkey against the United States' recent economic attacks.Head of the council's external affairs committee, Muhyiddin Junaidi expressed support for Turkey and President Recep Tayyip Erdoğan's stance against the U.S.Stressing that the U.S. targeted Muslim countries and tried to curb Turkey's power in the region, Junaidi said that the Muslim world must use their own currency in trade among themselves against the U.S. dollar.Qatari Emir Sheikh Tamim bin Hamad al-Thani will visit Turkey in what has been deemed by observers as a “show of support” for his close ally.The emir "will discuss bilateral relations with the Turkish president and means of strengthening the existing strategic cooperation between the two countries in various fields," said a Qatar News Agency statement. Individuals from across world heed Erdoğan’s call A large number of initiatives were launched by individuals from across the world in response to President Erdoğan’s call to support the ailing lira. Afghan, Sudanese and Somali nationals residing in the Swedish capital rushed to exchange offices to convert their krona to Turkish liras to help shore up Turkey’s national currency.European bank remains committed to TurkeyThe European Bank for Reconstruction and Development (EBRD) on Tuesday said it “remains committed” to Turkey, following the recent volatility in Turkish lira.EBRD’s cumulative investment in Turkey has reached nearly 10.7 billion euros ($12.2 billion) with 271 projects in Turkey, according to the bank's website.The EBRD is a leading investor in Turkey which was the biggest recipient of EBRD funds last year and has offices in Istanbul, Ankara and Gaziantep.Lebanese experts praise resilience of Turkish economyTurkish finance minister to meet foreign investorsGlobal confidence about the future of Turkish economyStressing their confidence about the future of Turkish economy, Azerbaijan’s Foreign Ministry in a statement said, “Our country will continue to invest capital and take an active part in Turkey's economy”"Azerbaijan, as always, will continue to support Turkish people and the state in all areas," it added.On Monday, Lebanese businesspeople launched a solidarity campaign for the Turkish lira by offering discounts for customers making purchases in Turkish currency.Expressing its solidarity, Pakistan reiterated its strong support for the Turkish people and nation on Monday.“The people and the government of Pakistan reiterate their strong support for the government and the people of Turkey in their quest for peace and prosperity, and as always, will continue to stand by them towards the achievement of these shared goals,” a statement by the Pakistan’s Foreign Ministry said.New world currency will topple dollar: Russian deputyItaly could suffer same fateItaly's Prime Ministry Undersecretary Giancarlo Giorgetti expressed Italy’s concern and said his country could face an economic attack similar to Turkey in August. He stated that they were expecting a similar crisis by the end of August or beginning of September as market assaults were affected by small summer trading volumes.
World stands united with Turkey against Trump’s economic war
Investment guru Marc Faber has said U.S. President Donald Trump is acting “like the elephant in porcelain shop”.Turkish assets provide investment opportunity to investors from around the world, Faber, the editor and publisher of the Gloom, Boom Doom Report, told Anadolu Agency.Criticizing American foreign policy, Faber in a phone interview on Wednesday said: “Trump doesn’t pursue foreign diplomacy. He is just like an elephant in a porcelain shop. He picks on this, picks on that, but there is no diplomacy at all.”Turkish finance minister to meet foreign investorsPointing out that Turkey has some leverage regarding the recent tension between the U.S. and Turkey, Faber added: “This is the Trump card that Turkey have, NATO. NATO has significant bases in Turkey. In the long run basically Turkey has two options; it can be closer to Europe and stay in NATO, or it could join the Shanghai cooperation.”“That would imply that Turkey abandoned or have less relationships with the West and more relationships with Russia and China. This is a possibility that Mr. Erdogan has. I think Trump, doesn’t realize that this option is very realistic.”Faber also noted that Turkish assets might well present a good investment opportunity at the moment.New world currency will topple dollar: Russian deputy“People always say they would like to buy low and sell high. Turkish stocks are valued in U.S. dollars. Now it’s in buying range. I think I will buy some Turkish stocks, ETF’s [Exchange Traded Funds]. I own some [Turkish] bonds. It’s not the huge portion of my portfolio but yes I own some Turkish debts. I think it’s the time to buy Turkish assets," Faber added.On the other hand, in order to avoid further volatility, Turkey’s economy should narrow down it’s trade deficit and current account deficit.The famous investor also noted that Trump’s trade war might cause a bigger headache for the global economy in the future.Turkey's doubling tariffs on US products will amount to $533 mln“Trump is surrounded by number of economists and they think that American trade deficit [is] relative, relative decline of American labour force is due to import China. The import from China is symptoms of having become less competitive. Capital spending in U.S. has been low for 20-30 years. Economists have always argued to boost consumption in order to stimulate the economy. Obviously, one of the consequences of this is the growing trade deficit.”Known with his predictions and also called as Mr. Doom in finance world, Faber said: “Trade war is crazy, completely crazy. It is occurring now at this time when the global economy is slowing down. If you look at the price of copper, price of lumber, they already collapsed that is a sign that the global economy is weakening very rapidly. I think we are going go into a recession.”Turkey doesn't want economic war with US, but wont stay silent: presidential aide
Now is the time to buy Turkish assets: Investment guru
Turkish Treasury and Finance Minister Berat Albayrak is to meet with foreign investors via teleconference on Thursday.The minister will relay his message about the current development of the Turkey economy directly to investors from around the world, the ministry told Anadolu Agency.While the teleconference was expected to be attended by 750 to 1,000 participants, namely from the U.S., the Europe and the Middle East, so far, over 3,000 have registered.This number is expected to increase until Thursday's address..The teleconference is to begin at 4.00 p.m. local time in Turkey (1400GMT) or 9.00 a.m. local time in New York.US dollar has lost its credibility: Turkish FinMinErdoğan says Turkey will boycott US electronic productsTurkey's doubling tariffs on US products will amount to $533 mlnBusiness community backs Turkish economy
Turkish finance minister to meet foreign investors