Economic attack against Turkey planned in foreign capital, says Minister Albayrak
Turkey's Treasury and Finance Minister Berat Albayrak said on Tuesday Turkey would bounce back with a a better and stronger fiscal year in 2019 and the "August 10 attack’’ against Turkey’s economy was planned in a foreign capital, left-wing Birgün newspaper reported.
"Those who planned the August 10 attack have hit a wall. We encountered an attack not even seen on September 12 [1980 military coup in Turkey]. There is no problem Turkey cannot overcome. Turkey has left all these currency, interest and inflation rate attacks behind," the Turkish minister said, while speaking at a leading Justice and Development Party (AKP) presentation of the 's plans and budget for 2019.
The Turkish currency suffered its worst one-day loss on Aug. 10 when the lira dropped as much as 18 percent against the U.S. dollar at one point during the day on Aug.10., after the White House announced the doubling of steel tariffs on Turkey amid an ongoing diplomatic spat between Washington and Ankara.
I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!— Donald J. Trump (@realDonaldTrump) August 10, 2018
The Turkish government was quick to announce that it would not lose the “economic war.”
Stressing that Turkey has since the beginning of October entered a normalization period, Albayrak noted 2019 will be a year in which the markets' confidence in Turkey will be restored.