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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 Qatar
The 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 Turkey
The 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.
Turkey’s fiscal structure is strong enough to survive financial pressures caused by political considerations, according to Lebanese economy experts. In a discussion with Anadolu Agency on Wednesday, several Lebanese economy experts evaluated the recent speculative attack on Turkey’s lira and its possible consequences. Mohammed Shuayr, chairman of the Lebanese Union of Commercial Chambers, said it was difficult to shake the Turkish economy thanks to its high export potential and dynamic tourism sector. “I've been following developments in Turkey closely,” he said. “Recent fluctuations in the lira’s value won’t affect the wider economy.” Now is the time to buy Turkish assets: Investment guruTurkish history, he went on to point out, was full of such economic hiccups.“It may take time for the lira to recover, but I'm sure the [Turkish] authorities will do whatever is necessary to resolve the problem,” Shuayr said.Under the leadership of President Recep Tayyip Erdogan, he added, Turkey’s economy had seen significant improvement and diversification.“The Turkish economy cannot collapse,” he asserted. “The overall consistency of the country’s economic sectors has shown this.” Russia says collaboration with Turkey not against third countriesGrowthLebanese economy analyst Ghazi Vazna, for his part, pointed out that Turkey’s economy had sustained a growth rate of between 5 and 7 percent during the period from 2001 to 2017.“Along with a decrease in inflation rates,” he said, “this period saw the launch of several major initiatives in different sectors of the economy, especially tourism.” “Today,” Vazna added, “Turkey is one of the region’s leading tourist destinations, hosting more than 32 million tourists per year, which means an annual revenue of some $26 billion.” According to the analyst, Turkey’s real-estate and banking sectors have also enjoyed considerable growth in recent years.“With its strategic location in the region,” he said, “the Turkish banking sector has only grown stronger.”Turkish finance minister to meet foreign investors'Positive'Vazna attributed recent fluctuations in the Turkish lira’s value against the dollar to foreign speculative attacks and political tensions with the U.S. “The Turkish authorities may not be able to stabilize the currency, but they can ease the problem by pursuing sound domestic monetary policies,” he said.“This can be achieved by raising interest rates and providing banks with adequate liquidity,” he added.Recommending that Turkey strengthen its economic relations with the BRICS group of nations (Brazil, Russia, India, China, South Africa), Vazna went on to note that Turkey’s annual trade volume with Russia currently stood at a whopping $17 billion.New world currency will topple dollar: Russian deputy“Turkey can also work to forge strong economic ties with China, which represents the world’s second largest economy,” he said. While Turkey’s initial response to the currency fluctuations has been “positive”, Vazna added, it still must take steps to reassure skittish investors and international markets. Turkey and the U.S. are currently experiencing rocky relations when Washington imposed sanctions on Turkey’s interior and justice ministers in response to Ankara’s refusal to release an American pastor who faces terrorism-related charges in Turkey. Last Friday, U.S. President Donald Trump upped the ante by doubling U.S. tariffs on Turkish aluminum and steel imports. In response, Turkey raised tariffs on several U.S.-made goods, including alcohol and tobacco products and vehicles. Turkey's doubling tariffs on US products will amount to $533 mln
Lebanese experts praise resilience of Turkish economy
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
Global confidence about the future of Turkish economy
Stressing 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.
The use of the U.S. dollar to put pressure on other countries will lead to the creation of an alternative world currency, costing the dollar its world currency status, a top Russian deputy told Anadolu Agency on Wednesday.Anatoly Aksakov, who heads the Russian State Duma Financial Committee, said the dollar gained its "world currency" status in 1944 when, because of World War II, the national currencies of many countries were devalued while the dollar stayed stable. This resulted in more payments in dollars and its domination in international transactions."But today the U.S. administration is doing everything for the creation of a new world currency,” he said.“More and more countries are considering transactions in national currencies. Meanwhile, the BRICS countries, which Turkey seems to be interested in joining, are discussing the possibility of creating a new currency for payments within the BRICS," he said, referring to the bloc of Brazil, Russia, India, China, and South Africa.Turkey's doubling tariffs on US products will amount to $533 mln: Trade MinisterThe deputy said a BRICS currency would have good prospects, because the bloc possesses half of the world population, 30 percent of the world's industry, and 40 percent of the world's agriculture as well as the biggest natural resources deposits."The process of creating an alternative world currency can be completed within five years. It will depend on Washington, as the more the U.S. uses the dollar to exert pressure, the more motivation other countries will have to deny payments in the dollar," he said.Many countries have already refused the dollar, said Aksakov, citing how China has started buying oil using its yuan, Turkey has withdrawn its gold deposits from the U.S., and Russia has significantly decreased its investments in U.S. government debt.Turkey doesn't want economic war with US, but wont stay silent: presidential aide"Once the alternative world currency appears, the dollar will lose its significance, costing it half its current value. And with the loss of the dollar's value, the U.S. will lose its influence", he said.Currently, the U.S. gross domestic product is some $20 trillion, including $5 trillion in real income, with $15 trillion coming from other countries using the dollar, he said, saying we should consider what losing that $15 trillion would cost the U.S.Separately, Leonid Slutsky, head of the State Duma's Foreign Affairs Committee, told Anadolu Agency that Russia is standing by Turkey in a difficult situation.Turkey's budget records $237 million surplus in July"We are here, with our Turkish friends. We're glad to see that lira has started to recover from the first shock," he said."Russia got a similar shock when the ruble's value fell sharply in 2014. But it's not the end of days."Turkey has all the necessary resources -- political will, intellectual power -- to deal with this challenge. Turkey is not a country that can be suppressed by attacking its national value."Turkish court rejects US pastor’s appeal for release for second time
New world currency will topple dollar: Russian deputy
Italy could suffer same fate
Italy'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.