Turkish banks not withholding liquidity from foreign markets, association head says

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Turkey's President Recep Tayyip Erdogan addresses the supporters of his ruling Justice and Development Party, AKP, during a rally in Adiyaman, Turkey, Tuesday, March 26, 2019, ahead of local elections scheduled for March 31, 2019.

The lira has come under renewed pressure recently over concerns about Turkey's balance of payments, its ability to service its foreign debt, and repeated calls from Erdogan, who has described himself as an "enemy of interest rates", for the central bank to cut rates. Erdogan says the S-400s are needed to protect Turkey's borders, and said he turned to Russian equipment because no acceptable United States missile deal was available at the time.

"They can't find lira now, they are struggling in terms of payments".

The Turkish lira is now down 1.5 percent versus the American greenback and is trading at 5.6442 as of just after 2:00PM UK time.

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The BDDK issued two statements on Saturday which said there had been complaints over "misleading and manipulative" guidance from JP Morgan and other unnamed banks. "As interest rates are brought down, inflation will fall", Erdogan said.

A deal to buy Russian missiles has left Turkish President Recep Tayyip Erdogan balancing North Atlantic Treaty Organisation ally the United States and new regional partner Russia as he risks fallout from both Washington and Moscow. The tables have turned.

At its worst, the Turkish lira lost around 30 percent of its value against the U.S. dollar previous year. "While they can't do this, the lira firms and the dollar falls", Erdogan said. As of 1510 GMT, it had clawed back some of its losses to 5.57.

"The US government and Congress are not making idle threats when they warn Turkey not to proceed with the purchase of Russian S-400s", Amanda Sloat, a senior fellow at the Brookings Institution, said.

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The head of state noted that the problems faced by Turkey are artificial and are created by a number of countries interested in weakening Turkey.

Analysts say the Turkish lira's volatility is due to Turkish officials' efforts to support the currency by limiting financial speculation against it.

"It is a short-term measure that may prevent further depreciation in the immediate future but in the long run if you can't hedge your exposure, your investors aren't exactly going to be thrilled and made to feel more confident about the prospects of investment in Turkey", Berich said.

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