Why is turkish lira so weak

Presidential communications director Fahrettin Altun denied a Cumhuriyet newspaper story on Friday that Treasury and Finance Minister Lutfi Elvan had offered his resignation and that President Tayyip Erdogan had not accepted the offer.

The story here is a lie," Altun wrote on Twitter. In a speech on Thursday evening, Elvan dismissed some analysts' view that the government sought a weak lira to support exports. He said Turkey had a floating exchange rate policy and that the market set the currency's value.

On Friday, a court rejected another appeal to free him. President Donald Trump said the US was not going "to take it sitting down". Turkey's currency, the lira, has plummeted after the two nations imposed tariffs on one another's goods. The impact of the new tariffs on imported goods has prompted widespread selling in other emerging markets, sparking fears of a global crisis. Ankara warns it will retaliate if the US imposes more sanctions over the detention of Andrew Brunson.

Turkish lira crisis. Posted at 22 Mar 22 Mar. Read more next. Posted at 8 Jul 8 Jul Getty Images Copyright: Getty Images. Posted at 1 Apr 1 Apr Posted at 29 Mar 29 Mar Reuters Copyright: Reuters. Posted at 28 Mar 28 Mar Posted at 27 Mar 27 Mar Posted at 16 Jan 16 Jan Posted at 10 Dec 10 Dec Posted at 17 Sep 17 Sep Posted at 14 Sep 14 Sep Posted at 13 Sep 13 Sep Posted at 10 Sep 10 Sep Posted at 7 Sep 7 Sep Posted at 20 Aug 20 Aug The currency had already hit record lows last week after the Turkish central bank CBRT cut its policy rate by basis points, despite rising inflation, in a shock move derided as reckless by economists and opposition lawmakers.

The lira hit an all-time low of 9. Two bankers attributed the early weakness to Erdogan's comments on Saturday. The lira will inevitably come under extreme selling pressure," said veteran emerging market watcher Tim Ash at BlueBay.