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The US’s Covert Economic War Against “Ally” Turkey Heats Up – Turkey moves to support lira after it hits record low
Honestly we understand that the depreciation of the Turkish Lira has less to do with Turkey’s economy and more to do with America and NATO waging a covert economic and currency war on Turkey because it has agreed to work with Russia, Iran, and China.
Anyone with eyes can see this. This is why both Russia and China had already agreed to help Turkey financially and militarily if/when the empire starts striking out against it for it’s intransigence against imperial domination.
The people of Turkey sees the signs. The government of Turkey sees the signs also. In fact Erdogan even openly spoke of America waging an economic and currency war against Turkey.
See Here:
Erdogan’s Risky Gamble: Turkey’s President Tries to Wean His Country’s Addiction to the Dollar
Turkey moves to support lira after it hits record low
Turkey’s central bank has intervened to bolster the crisis-hit lira by decreasing its foreign exchange reserve requirement rations in order to inject $1.5 billion into the market.
Turkey’s currency has been sliding following political chaos which drove lira to a record low on Monday.
“Foreign exchange reserve requirement ratios have been reduced by 50 basis points for all maturity brackets,” the bank said in a statement.
It also noted that with this revision, an additional liquidity of approximately $ 1.5 billion will be provided to the financial system.
Immediately after the bank’s announcement, the lira began recovering against the dollar.
The bank went on saying that some additional steps may be taken to maintain price stability and financial stability in the country.
The bank attempted to slam the breaks on the lira plunge in November by raising interest rates for the first time since 2014.
Analysts say the decision might be viewed as a smoothening step, but might not reverse the actual course.
They also predict that the debate in parliament over a controversial new draft constitution aimed at expanding the powers of presidency under Recep Tayyip Erdogan could compound the currency’s woes.
The debate kicked off on Monday and is expected to last two weeks.
The lira has lost about 20 percent in value against the dollar over the last three months. It slumped to a new low Monday as political uncertainty in the country took its toll.
Moody’s and Standard & Poor’s lowered Turkey’s rating to junk status in 2016 and the country is facing a similar move by Fitch later this month.
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