Turkish lira weakens after Trump comment on economic devastation

A money changer counts Turkish lira banknotes at a currency exchange office in Istanbul. (Reuters)

Turkey’s lira weakened against the dollar on Monday after U.S. President Donald Trump warned it would devastate Turkey economically if it attacks a Kurdish militia in Syria.

According to Reuters, the lira, which lost nearly 30 percent of its value against the dollar last year, eased to 5.49 against the U.S. currency by 0454 GMT from a close of 5.4540 on Friday.

“Starting the long overdue pull-out from Syria while hitting the little remaining ISIS territorial caliphate hard, and from many directions,” Trump said late on Sunday in comments on Twitter. “Will devastate Turkey economically if they hit Kurds.”

Last week, Turkish President refused to meet with U.S. National Security Advisor John Bolton during his visit to Ankara. Instead, Bolton met with Erdogan’s advisor and spokesman Ibrahim Kalın. Bolton said Turkey should coordinate fully with the United States on any military action it was planning.

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Last Update: Wednesday, 20 May 2020 KSA 09:58 - GMT 06:58
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