{"id":3473,"date":"2021-10-25T09:35:46","date_gmt":"2021-10-25T09:35:46","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=3473"},"modified":"2021-10-25T09:35:46","modified_gmt":"2021-10-25T09:35:46","slug":"turkey-lira-slumps-to-record-low-after-erdogan-orders-expulsions","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/world\/turkey-lira-slumps-to-record-low-after-erdogan-orders-expulsions\/","title":{"rendered":"Turkey lira slumps to record low after Erdogan orders expulsions"},"content":{"rendered":"<p>ANKARA: The Turkish lira dropped to record lows on Monday after Turkish President Recep Tayyip Erdogan at the weekend ordered the expulsion of the ambassadors of 10 countries, including Germany and the United States.<br \/>\nThe envoys had angered the president in calling for the release of Parisian-born philanthropist and activist Osman Kavala, who has been in jail since 2017 without conviction.<br \/>\nThe Turkish currency fell to 9.80 against the dollar before rallying slightly to 9.73 after 0500 GMT, a drop of 1.3 percent from the previous day.<br \/>\nThe lira has fallen around 24 percent against the dollar since the start of the year.<br \/>\nThe currency had already suffered a terrible week after Turkey was placed under surveillance for failing to properly combat money laundering and terrorism financing, as concerns rise over monetary policy and central bank interference by Erdogan.<br \/>\nAfter sacking three central bank members this month, the bank cut the policy rate from 18 percent to 16 percent on Thursday even as inflation surged to nearly 20 percent in September.<br \/>\nIn a joint statement on October 18, Canada, Denmark, Finland, France, Germany, the Netherlands, New Zealand, Norway, Sweden and the US said the delays in Kavala s case &#8220;cast a shadow&#8221; over Turkey s democracy and the judicial system.<br \/>\nThey were summoned the next day to the Turkish foreign ministry in Ankara.<br \/>\nOn Saturday, the Turkish president then aid he ordered the foreign minister to &#8220;declare these 10 ambassadors as persona non grata as soon as possible&#8221;, using a diplomatic term that is the first step before expulsion.<br \/>\nThere has yet been no official notification from Turkey.<br \/>\nAn absence of Western diplomatic representatives in Ankara &#8220;will hurt Erdogan,&#8221; said BlueBay Asset Management economist, Timothy Ash.<br \/>\nThe expulsion of the 10 &#8220;will reduce interaction with the Erdogan regime and investment into Turkey will suffer,&#8221; he said in an email to clients.<br \/>\n<em><strong>Read more:\u00a0<a href=\"https:\/\/dailyausaf.com\/en\/latest-news\/pm-imran-khans-visit-to-boost-pakistan-turkey-trade-volume-in-furniture-sector.html\" target=\"_blank\" rel=\"noopener noreferrer\">PM Imran Khan\u2019s visit to boost Pakistan-Turkey trade volume in furniture sector<\/a><\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ANKARA: The Turkish lira dropped to record lows on Monday after Turkish President Recep Tayyip Erdogan at the weekend ordered the expulsion of the ambassadors of 10 countries, including Germany and the United States. The envoys had angered the president in calling for the release of Parisian-born philanthropist and activist Osman Kavala, who has been [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":3474,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,3],"tags":[2007,2008,2009,536,516,477,636],"class_list":["post-3473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-world","tag-canada","tag-denmark","tag-finland","tag-germany","tag-new-zealand","tag-turkish-president-recep-tayyip-erdogan","tag-united-states"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/3473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=3473"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/3473\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/3474"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=3473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=3473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=3473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}