Turkish President Recep Tayyip Erdogan said Turks should not be alarmed by exchange rate movements.
'Aluminum will now be 20 percent and Steel 50 percent.
The currency's drop - 41 per cent so far this year - is a gauge of fear over a country coming to terms with years of high debt, worldwide concern over President Recep Tayyip Erdogan's push to amass power, and a souring in relations with allies like the U.S.
In the City, fund managers and investment commentators warned of the risk of capital flight from the country and flagged up the risk to European banking stocks - such as Spanish lender BBVA and Italian group UniCredit - from their exposures to Turkish lending. "Our relations with Turkey are not good at this time!", the President tweeted.
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Turkish President Recep Tayyip Erdogan warns his country's partnership with the United States might be in "jeopardy" as tensions intensify between the two North Atlantic Treaty Organisation allies. On Friday, he said the country had to take steps in answer "to those who have waged an economic war against us".
Turkey's financial crisis and further USA pressure spurred more concern among investors as fears appeared to spread to American markets. Relations between the United States and Turkey have been weakening for several reasons.
The Turkish lira hit a record low of 6.24 per dollar on Friday, before recovering to 5.92 _ still down a whopping 7 per cent on the day.
Investors have become increasingly concerned with the faltering Turkish economy, its central bank's willingness to respond to the downturn and the impact it could have on global financial markets, according to multiple reports.
The Russian ruble this week plummeted to its lowest level against the dollar since 2016 as the U.S. said it was imposing more sanctions on Moscow over a chemical attack in the United Kingdom earlier this year. The weakened currency's value has helped increase inflation and anxious worldwide investors. Erdogan has been putting pressure on the central bank to not raise interest rates in order to keep fueling economic growth. In Europe, where exposure to Turkey is far higher, Germany's DAX fell by 1.7% and France's CAC by 1.2%.
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The numbers have been sliding ever since President Erdogan's election victory in June, with concerns among foreign investors about his control of monetary policy as well as the birth of Turkey's new presidential republic. And under Turkey's new executive presidential system, Erdogan pretty much calls all the shots.
The currency drop will also increase the cost of living for people in Turkey by making imports more expensive. He claims higher rates lead to higher inflation - the opposite of what standard economic theory says.
An important emerging market, Turkey borders Iran, Iraq and Syria and has been mostly pro-Western for decades.
"We implore President Trump to return to the negotiating table", Trade Minister Ruhsar Pekcan said. His comments on interest rates - and his recent appointment of his son-in-law as finance minister - have heightened perceptions that the central bank is not independent.
"Today's developments have been very negative: President Erdogan made a belligerent speech with no reference to the need of a change of course".
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