Turkey claims social media accounts are 'provoking' crash of the lira

Oskar Lafontaine blasted Angela Merkel on the state visit from Turkey's President Erdogan

Last week, the United States imposed sanctions on Turkey's justice minister and interior minister for refusing to release American pastor Andrew Brunson, who had been in custody since 2016 on charges of terrorism and espionage that Washington says are bogus.

Turkey scrambled a delegation to Washington last week to stave off the crisis but no deal has been reached. As interest rates rise in the US, investors pull their money out of countries that had enjoyed strong economic growth but are perceived as somewhat riskier.

The dispute with the U.S. has centered on the continued detention of an American pastor who is on trial for espionage and terror-related charges. "We fail to see how the crisis can be resolved without external support", but an International Monetary Fund support package will be hard "given Turkey's current political situation". There is no economic reason.

"The aim of the operation is to make Turkey surrender in all areas, from finance to politics", Erdogan said.

The dispute centres on Turkey's refusal to release American pastor Andrew Brunson. "With God's permission we will overcome this", he added.

"The Central Bank will closely monitor the market depth and price formations, and take all necessary measures to maintain financial stability, if deemed necessary", the Central Bank of the Republic of Turkey said.

Turkey's currency collapsed by more than 25% against the dollar last week amid rising tensions between the U.S. and President Recep Tayyip Erdogan over trade. "We will not give them the time of day".

Erdogan had on Saturday described interest rates as a "tool of exploitation", in remarks that may not be warmly welcomed by the markets.

Albayrak said a plan was prepared for banks and the real-economy sector, including small to mid-sized businesses, which are among those most affected by the foreign exchange fluctuations.

He has dismissed any suggestions that Turkey might intervene in dollar-denominated bank accounts, saying any seizure or conversion of those deposits into lira was out of the question.


The lira recovered some of its losses after Berat Albayrak, the country's finance chief - and Erdogan's son-in-law - said late Sunday that the government had readied an "action plan" to ease market concerns, without elaborating.

Investors in lira are also concerned about Turkey's internal monetary policy. Turkey has so far refused to comply, prompting Trump on Friday to double the tariffs on USA imports of Turkish steel and aluminium, causing the lira to plunge.

He indicated Turkey's relationship with Washington was imperiled.

Turkey's relations with United States and Germany have been strained by its decision to arrest several citizens from both countries.

The South African rand also fell more than 10 percent at one point on Monday to hit a two-year low of 15.70 to the dollar, although it later pared much of losses.

The dispute has severely hit the Turkish currency which has been in the free fall since Friday.

The crisis in Turkey poses a threat to some of Europe's biggest banks. Erdogan himself was elected prime minister in 2003 on the back of a major crisis two years earlier, but has traditionally always had Washington's staunch support.

The United States and Turkey are in disagreement over the Syria conflict and over the fate of Turkish preacher Fethullah Gulen, who is in exile in the U.S. and whose extradition Ankara has requested over his alleged role in the failed July 2016 coup.

Turkey's worsening feud with the Trump Administration has also put pressure on the currency.

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