United Kingdom tourists are set to benefit from Turkey's financial crisis as the lira's instability continued today. "There has been no sign that the central bank will be allowed to raise interest rates significantly and return rates to positive territory", said William Jackson of Capital Economics in a note to clients.
"You haven't acted, so we will", is how Brownback described President Donald Trump's "decisive, aggressive action" against Turkey for holding a USA citizen illegally on unproven terrorism charges.
Saturday's event also comes on the heels of a deepening rift with the US, a North Atlantic Treaty Organisation ally.
Turkey responded by increasing tariffs on imports from the United States including cars, alcoholic drinks and leaf tobacco - and the lira recovered slightly. "Turkey and the emerging markets will face more pressure as the dollar continues to rise, and when the United States central bank raises rates at the September meeting, the pressure on the Turkish lira will increase".
"There has been no improvement in relations with the US and additional sanctions may be on the horizon", said William Jackson of Capital Economics in a note to clients, adding that the lira could see a downward trend in 2019 and beyond.
In recent days, Qatari supporters of Turkey have begun a public campaign in Doha to change their riyals into lira in an attempt to shore up the plunging Turkish currency.
Crisis averted - or has it just been deferred?
Turkey borrowed a heck of a lot of money in the post-recession era.
Further sanctions would likely make this an even more likely outcome, and could cause an even greater spiral effect on the state.
Erdogan blamed the crash of the lira on America, claiming a "political, underhand plot" had sent the value of his country's currency falling to record lows. Turkey's reserves are low, and the lira crisis has only made paying back foreign debt harder. For companies, the cost of servicing foreign debt has risen by a quarter in lira terms in the past two months alone.
But economists have said they want to see decisive moves by the central bank, rather than technical measures.
Mr Albayrak, President Recep Tayyip Erdogan's son-in-law, said the country's banks were healthy and strong and the nation would not be turning to the International Monetary Fund for a bailout.
"Some are threatening us with economy, sanctions, exchange rates, interests and inflation". Erdogan has tightened his grip since consolidating power after general elections this year.
The lira has clawed back some ground over the last two days - after losing nearly a quarter of its value on Friday and Monday - but economists are warning that Turkey must urgently address its economic imbalances to avoid more troubles ahead. In the three days following Albayrak's appointment in early July, the lira fell more than three per cent.
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