Date: 3 months ago   Category: Economy

Chain reaction: global crisis will begin with the collapse of Turkish lira - RIA Novosti, 8/16/2018


MOSCOW, 16 Aug — RIA Novosti, Natalya Dembinskaya. Sanctions of the USA against Turkey have caused the collapse of Turkish lira, and afterwards — and other currencies of emerging markets, first of all Latin America. Brazilian real, Mexican, Chilean and Colombian peso have fallen in price. The Russian ruble which has sunk to two-year minima against the background of the American sanctions has appeared under double pressure. Analysts don't exclude: currency crisis in Turkey will spread over emerging markets and as a result will lead to a global financial collapse. Such scenario — in material of RIA Novosti is how probable. Since the beginning of year the Turkish currency has weakened rather American for 40 percent. The main reason — strain of relations with Washington. After Ankara has once again refused to release American Andrew Branson suspected of espionage, at the beginning of August the State Department has imposed economic sanctions, having twice lifted duties on aluminum and steel. As a result only in recent days lira exchange rate has failed more than for 25 percent. The Turkish Central Bank announced emergency measures, having promised to provide financial branch with liquidity. The regulator plans to spend about 10,5 billion dollars from reserves for it. "Falling of lira exchange rate is, without doubts, the accurate and planned attack which is carried out by the largest player of a financial system" — the Minister of Finance of the country Berat Albayrak.© of REUTERS/Umit Bektas the Businessmen wishing to exchange dollars for liras at currency exchange in Ankara, Turkey has noted. On August 14, 2018 © REUTERS/Umit Bektas the Businessmen wishing to exchange dollars for liras at currency exchange in Ankara, Turkey. On August 14, 2018 So far the authorities prepared the plan of rescue, the national currency continued to fall, and only on Tuesday, August 14, has partially won back positions — the course has grown by six percent after 14 percent decrease following the results of two previous trading days at once. The statement of the president of the country Tayyip of Recep Erdogan for boycott of electronic goods by Turkey from the USA has helped. Nevertheless the lira continues to be trading to dollar near record-breaking low values, and the collapse was thrown on a number of emerging markets meanwhile (EM, emerging markets). The investors who are already adjusted recently to I eat very skeptically, have accelerated an exit from these assets. The summary index of currencies of developing countries has updated a minimum. The Russian ruble didn't become an exception — prior to events in Turkey and the subsequent escape of investors from risky currencies it has fallen to minima of 2016 against the background of strengthening of sanctions of the USA. And then — along with other affected national monetary units — it has appeared under the powerful pressure of a wave of panic sales. However, by August 13 the ruble has managed to make profit, only of currencies I eat. And at the auction of the next day I have strengthened growth, having won back nearly 80 kopeks at dollar. A similar rebound after there has taken place the first reaction of the market to sanctions and panic moods have settled, I was quite expected. © RIA Novosti / Ramil Sitdikov to Pass into an image bank of the Board of exchange rate of dollar, euro and pound

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