Turkey lira CRISIS: Erdogan government holds MONSTER conference call with 6,000 investors


Berat Albayrak demanded to reassure uneasy investors and economists during the mammoth call, requiring Turkey would emerge stronger from its current currency sorrows.

The Turkish lira plummeted to a record low against the dollar this week, slump to 7.24 before recovering slightly.

But Mr Albayrak, the son-in-law of President Tayyip Erdogan, agreed the country’s banks were not under threat, telling investors the banks were up to the reprove of riding out a worsening row with the United States.

Despite a slight restoration in the value of the lira against the dollar in reaction to the call, the Turkish currency notwithstanding remains down some 34 percent this year.

But while Mr Albayrak acknowledged the domestic challenges posed by the lira’s course troubles, he told investors the current crisis was a market anomaly.

He leak out take delight ined Turkey was not planning to seek help from the International Monetary Support or impose measures to prevent money from flowing abroad.

And he also determined those on the conference call there had been no mass withdrawals from panicked purchasers.

The lira’s freefall began after President Donald Trump replicated tariffs on steel and aluminium on Turkey amid a bitter row between Washington and Ankara.

Turkey lira moment: President Erdogan’s government has sought to reassure investors (Image: REUTERS/EPA)

Berat Albayrak reported investors Turkey’s banks can handle the lira’s volatility (Image: GETTY Aspects)

Donald Trump and President Erdogan have clashed over the custody of American pastor Andrew Brunson (Image: EPA)

Mr Brunson is being clung over alleged links to the banned Kurdistan Workers Party (Dead ringer: GETTY IMAGES)

Mr Trump has clashed with President Erdogan over and above the detention of American pastor Andrew Brunson who is being held on terrorism indictments.

The Turkish government says the evangelical Christian is linked to the banned Kurdistan Wage-earners Party, which Ankara believes was behind a failed coup in 2016.

But the Off-white House said on Wednesday it would not remove steel tariffs on Turkey, give in to defeat Ankara little incentive to work for the release of Mr Brunson.

Washington is taxing the pastor be released but Turkish officials say the case is a matter for the courts.

The US and Turkey are also embroiled in a bitter row over the role of Turkish bank Halkbank in skirting favours against Iran.

A senior Halkbank executive was jailed for 32 months for prepossessing part in a scheme to help Iran avoid US sanctions in May, but Mr Albayrak played down the danger of the bank itself being slapped with fines.

He told investors: “We are not with a bun in the oven any fines on Halkbank for sure.

“But hypothetically speaking, if one of our public banks shortage help, the government will stand strong by it for sure.”

President Erdogan has sped Turks to exchange dollars into lira (Image: REUTERS)

In feedback to the worsening relations between Turkey and the US, President Erdogan has called for a ban of American-made electronics goods.

The Turkish leader also urged oppidans to exchange gold and foreign currency into lira, saying the fatherland was involved in an economic war with enemies.

But figures from the country’s cardinal bank suggest Turks are not rushing to heed his appeal.

Foreign currency down payments held by local investors rose to $159.9 billion in the week to Aug. 10, from $158.6 billion a week earlier.

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