Markets rattled as Turkish lira dives to record lows

With inflation expected to run above 20%, a current account deficit that continues to widen, bond yields trading at record highs and growing political tensions with the USA, the Turkish administration have limited choices to stop the Lira from bleeding.

On Monday, the central bank announced a series of measures to "provide all the liquidity the banks need" - but offered no hint of a rate increase.

Angered by the continued detention of an American pastor, the USA has imposed new sanctions on Turkey which Foreign Minister Heiko Maas told reporters Monday has increased political tensions.

The lira has now dropped some 45 percent this year.

Erdogan says Turkey is the target of an economic war, and has made repeated calls for Turks to sell their dollars and euros to shore up the national currency.

"The plunge in the lira, which began in May, now looks certain to push the Turkish economy into recession, and it may well trigger a banking crisis", said Andrew Kenningham, chief global economist at Capital Economics.

President Recep Tayyip Erdogan vowed to boycott iPhones in a demonstration of defiance as the USA held firm to its demand that Turkey release an evangelical pastor and Turkish executives called for action to bolster the lira. It stabilized Tuesday with a rise of about five percent.

"If we postpone our investments, if we convert our currency to foreign exchange because there's danger, then we will have given into the enemy", he said. "And have no doubt that today, we stand before the dollar, the exchange rate, the inflation and interest rates". "What do you want to do?"

Hope for clear skies in Cumbria for glimpse of meteor shower
Another said: "Experiencing my first ever Perseid Meteor Shower and actually seeing stars in this way is just lovely and wow". This year, the Perseids shower will last overall from August 10 to 14, with the peak taking place this weekend.

Brunson, 50, is being tried on espionage and terror-related charges, which he and the USA government vehemently deny.

Brunson is at the center of a diplomatic spat between North Atlantic Treaty Organisation allies Turkey and the United States, which has helped trigger a Turkish currency crisis.

Brunson's lawyer Cem Halavurt confirmed to AFP that he appealed for the release of his client once again on Tuesday, saying that: "The court should deliver its ruling in the next three days".

In the interview with Hurriyet newspaper, Albayrak described the lira's weakness as "an attack" - echoing Erdogan, who is his father-in-law.

In a joint statement Tuesday, Turkish business groups called on the government to institute tighter monetary policy in order to combat the currency crisis.

Following Monday's meeting between Bolton and Turkish ambassador Serdar Kilic, U.S. officials have given no indication that the United States has been prepared to give ground in the standoff between the two countries' leaders.

Washington meanwhile has repeatedly condemned his arrest, pointed out the lack of evidence against him, and last week, imposed sanctions against Turkey that have sparked a high-level diplomatic row that has raised questions about the U.S.'s relationship with one of its traditional Middle Eastern allies.

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