Turkish lira pulls back from record low of 7.24, rattles global markets

Erdogan says lira crash 'political plot' against Turkey

"We have not made concessions on justice so far, and we will never make any".

"I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar!" "They threatened to sanction our ministers if we didn't", he said. "There is no economic reason for the present (currency plunge) situation".

"The aim of the operation is to make Turkey surrender in all areas, from finance to politics", Erdogan told ruling party members in the Black Sea city of Trabzon.

The central bank surprised markets last month when it left interest rates unchanged despite double-digit inflation and the tumbling lira. Gold, along with other commodities that are priced in USA dollars, tends to retreat when the U.S. dollar rises.

Heightened global tensions didn't do much to support gold prices, which were trading at $US1209.39 an ounce, down $2.31, as strength in the U.S. dollar outweighed the precious metal's safe-haven appeal to investors. "Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies".

Iran gave its most explicit rejection yet of talks with the United States on Saturday, and accused Washington of an "addiction to sanctions" over its latest spat with Turkey.

The Turkish lira tumbled in early trading in Asia on Monday, beforing paring back some of the losses after Finance Minister Berat Albayrak pledged to implement an economic action plan.

Albayrak described the Lira's weakness as "an attack", echoing President Erdogan, who is his father-in-law.

"An investigation has been launched according to Turkish Penal Law, Banking Law, Capital Markets Board regulations and related laws into people who displayed actions that threaten economic security through manipulative stories on media and operational social media accounts as part of the economic attacks that target the Republic of Turkey, its social peace, unity and economic security by the powers behind the [2016] coup attempt", the prosecutor's office said in a statement on August 13, according to the state-run Anadolu Agency.

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He has dismissed any suggestions that Turkey might intervene in dollar-denominated bank accounts, saying any seizure or conversion of those deposits into lira was out of the question.

"Our relations with Turkey are not good at this time!" He also took higher interest rates off the table and said Turkey wouldn't accept an worldwide bailout.

On Friday, Erdogan called on its citizens to convert their hard currency and gold into lira to prop up the plunging currency with a "domestic and national stance".

The lira has lost more than 40 per cent against the dollar this year, largely over worries about President Recep Tayyip Erdogan's influence over the economy, his repeated calls for lower interest rates, and worsening ties with the United States.

The lira plunged to a fresh record low of 7.24 against the dollar during in Asia Pacific trade, where markets were opening for Monday morning.

In a press conference in the Turkish capital Ankara, President Erdogan said: "You act on one side as a strategic partner, but on the other, you fire bullets into the foot of your strategic partner".

"Before it is too late, Washington must give up the misguided notion that our relationship can be asymmetrical and come to terms with the fact that Turkey has alternatives", Erdogan wrote.

The currency crash was sparked by simmering tensions with the United States.

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