The Latest: Turkey: US wonвЂ™t achieve aims through sanctions
ANKARA, Turkey вЂ” The Latest on TurkeyвЂ™s currency crisis (all times local):
TurkeyвЂ™s foreign minister says the United States wonвЂ™t achieve aims by exerting pressure and imposing sanctions on Turkey.
Addressing a conference in Ankara gathering Turkish ambassadors, Mevlut Cavusolgu on Monday called on the United States to вЂњremain loyal to ties based on traditional friendship and NATO allianceвЂќ with Turkey.
Turkey has been hit by financial turmoil, with the lira plunging over deepening concerns about the governmentвЂ™s economic policies and a diplomatic spat with the United States.
Angered by the continued detention of an American pastor, the U.S. government imposed sanctions on two Cabinet ministers and threatened more. It also doubled tariffs of steel and aluminum imports.
Cavusoglu said: вЂњWe support diplomacy and negotiations but it is not possible for us to accept impositions.вЂќ
TurkeyвЂ™s Interior Ministry says it will take legal action against hundreds of social media accounts that it says are provoking a drop in the countryвЂ™s currency, the lira.
The ministry said Monday it initiated legal investigations against 346 social media accounts вЂњwhich posted content provoking the dollar exchange rate.вЂќ
Turkey was hit by a financial shockwave last week as the lira nosedived over concerns about the governmentвЂ™s economic policies and a trade and diplomatic dispute with the United States.
Multiple institutions announced Monday similar warnings against those responsible for the crisis.
The Istanbul Public ProsecutorвЂ™s office announced it had begun investigating вЂњthose who had taken actions which threatened economic stability.вЂќ The Capital Markets Board of Turkey issued a similar warning to those who spread вЂњlies, false or misleading information, news or analysis.вЂќ
TurkeyвЂ™s Central Bank has announced a series of measures to help banks manage their liquidity, after the countryвЂ™s finance chief said the government had readied an вЂњaction planвЂќ to ease market concerns that led to a slump in the value of Turkish currency.
The bank released a statement Monday saying it would вЂњprovide all the liquidity the banks need.вЂќ
The Turkish lira has nosedived over the past week amid concerns over President Recep Tayyip ErdoganвЂ™s ability to deal with the turmoil and a diplomatic spat with the United States.
The currency tumbled to a record low of around 7.20 lira against the dollar late on Sunday after Erdogan warned of drastic measures if businesses withdraw foreign currency from banks.
The lira recovered to 6.61 following the Central BankвЂ™s announcement.