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Turkey's Erdogan: US should think very carefully before imposing sanctions on Turkey, TRY weakens

2019-06-20 20:10

Turkish President Tayyip Erdogan crossed the wires in the last minutes saying that the U.S. should think very carefully before imposing sanctions on Turkey. "The U.S. has not given Turkey a very good deal on Patriot missile systems," Erdogan noted. "If Washington imposes sanctions on Turkey, Ankara will respond with reciprocal sanctions."

With the initial market reaction, the USD/TRY pair jumped to a daily high of 5.82 and was last seen at 5.77, where it was down 0.2% on a daily basis. 

Regarding the economy, Erdogan argued that inflation will not go down if interest rates are high and added that low interest rates would bring a surge in investment and employment, as reported by Reuters.

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