Turkey's Erdogan says lira weakness a plot, can not be explained by logic

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Relations between Washington and Turkish President Recep Tayyip Erdogan also have worsened because of the detention of three locally employed United States consular workers, trade matters and differences over Syria.

"It is wrong to dare bring Turkey to its knees through threats over a pastor", Erdogan said in the Black Sea town of Unye.

In fact, TRY once again drops below the 6.0 mark after Erdogan said the country faces a wave of artificial financial instability.

Erdoğan attempted to downplay economic concerns by telling Turks "not to worry", telling supporters they were in an "economic war" and to convert their dollars and "gold under the pillow" into lira. "Relations with countries who behave like this have reached a point beyond salvaging", said Erdogan, who warned of "economic war".

Compounding the lira's agony, President Donald Trump said he had doubled steel and aluminum tariffs on Turkey, noting that relations between the North Atlantic Treaty Organisation allies were "not very good".

Turkey and the United States are now experiencing rocky relations after the USA imposed sanctions last Wednesday on two Turkish ministers over the continued detention of US pastor Andrew Brunson, who faces terrorism charges and up to 35 years in prison if found guilty.

"It's very unfortunate that the Trump administration had to retaliate against Turkey for their continued refusal to release Pastor Brunson and other Americans being held in Turkish custody", Graham said.

Erdogan framed Turkey's currency crisis as a "national battle" against economic enemies, namely the USA, saying "if they have their dollar, we have the people, we have Allah".

Brunson, 50, was arrested in 2016 but was recently released from prison and put under house arrest.

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Erdogan vowed there would be no easing of the law in Brunson's case: "We have not made concessions on justice so far, and we will never make any", he said.

Investors also cited what they say is a lack of intervention from authorities to address the lira's weakness as a key reason for the consecutive daily falls. "Don't give. What we have is enough for us". "You impose sanctions on our Halkbank. and then you expect different treatment from Turkey?" said Erdogan, in a second speech in the same city.

Turkey's president on Saturday blamed the country's economic downturn on the United States and other nations that he claims are waging "war" against his country. "Our relations with Turkey are not good at this time!".

Although Erdogan struck a defiant tone, his foreign ministry called for diplomacy and dialogue to solve problems with Washington and Trade Minister Ruhsar Pekcan said "we implore President Trump to return to the negotiating table".

Iran's Foreign Minister Mohammad Javad Zarif waded into the mounting row, accusing Washington of an "addiction to sanctions and bullying". "Our relations with Turkey are not good at this time!" he noted on Twitter.

"We are once again facing a political, underhand plot".

Erdogan's remarks come after pro-government Turkish lawyers submitted a petition for U.S. soldiers at Incirlik Air Base to be arrested, claiming they were connected to the Gulen movement, which Ankara claims was behind the failed coup attempt.

There are multiple factors, many of which are related to the economic policies of Turkey's leader, Recep Tayyip Erdogan.

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