A Turkish waits to change his US dollars with Turkish liras inside a currency exchange shop in Ankara, Turkey, Friday, Aug. 10, 2018. A financial shockwave ripped through Turkey on Friday as its currency nosedived on concerns about its economic policies and a dispute with the U.S., which President Donald Trump stoked further with a promise to double tariffs on the NATO ally. (AP Photo/Burhan Ozbilici)

The Latest: Turkey: US won't achieve aims through sanctions

August 13, 2018 - 5:11 am

ANKARA, Turkey (AP) — The Latest on Turkey's currency crisis (all times local):

12:05 p.m.

Turkey's foreign minister says the United States won'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 "remain loyal to ties based on traditional friendship and NATO alliance" with Turkey.

Turkey has been hit by financial turmoil, with the lira plunging over deepening concerns about the government'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: "We support diplomacy and negotiations but it is not possible for us to accept impositions."


11:40 a.m.

Turkey's Interior Ministry says it will take legal action against hundreds of social media accounts that it says are provoking a drop in the country's currency, the lira.

The ministry said Monday it initiated legal investigations against 346 social media accounts "which posted content provoking the dollar exchange rate."

Turkey was hit by a financial shockwave last week as the lira nosedived over concerns about the government'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 Prosecutor's office announced it had begun investigating "those who had taken actions which threatened economic stability." The Capital Markets Board of Turkey issued a similar warning to those who spread "lies, false or misleading information, news or analysis."


10:00 a.m.

Turkey's Central Bank has announced a series of measures to help banks manage their liquidity, after the country's finance chief said the government had readied an "action plan" to ease market concerns that led to a slump in the value of Turkish currency.

The bank released a statement Monday saying it would "provide all the liquidity the banks need."

The Turkish lira has nosedived over the past week amid concerns over President Recep Tayyip Erdogan'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 Bank's announcement.

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