will go against the president and then kill the central bank. independence there with little hope that the full on the currency will stop and in fact the sentiment here is now an internationally so much damage has been done even the central bank is independent and a major hike in interest rates may not be enough to stem before on the currency endure people turkish politics will remember that there was a recent election in turkey the constitution was changed giving the president more powers now how do you square that with the need right now of this acute need for. international markets that it is handed i mean can you square that circle. well indeed the president made very clear in the run up to. election victory that when he did assume these powers. would be to take direct control over the running of the economy and including the central bank he made that clear internationally as well as domestically say he's arguing that i'm only carrying out what i pledged to do and what i was elected to do but the problem is that international investors of wh

but one of the things that happened there is the european central bank and any central bank made choices. they made choices to use the money they were creating to he help. this isn't a political thing, it is a monetary decision and a money decision as well to do things to help german companies were french companies. the argument is there is no better bet. $5.5 trillion worth of money was created by the european central bank to help europe. .. >> because one of the things that happened and historical is that whenever there is economic anxiety amongst a group of people or countries or people to look at jobs attentional or look across the border to see problems they want to vote for whatever doesn't exist. they want to vote out where they are. the governments involved aren't listening to nobody blames central bank and so that weekend people are demonstrating in the streets because it was the lowest in 17 years relative to the cost of things with the financial crisis. no one is marching in front of the central bank. but nobody was doing that because you don't think that we will march. not ou

crisis with a plan to boost investment meanwhile the euro is in freefall and while the turkish central bank has announced measures to help banks weather the storm ordinary businesses already feeling the pinch. enjoyed it if i'm in trade but my business is interrupted because i sell imported goods therefore we'll update the prices today because the prices we pay for goods increased twenty percent and as a result of currency fluctuation. eventually people will be affected by that. and the central bank's proposals have done little to quell the markets the euro has hit a one year low against the dollar prompting some experts warn of contagion. the fall has certainly been dramatic the lira has lost about forty five percent of its value against the dollar since the beginning of the year that means it has become extremely expensive for turkish businesses to service loans to foreign creditors if the lira tumbles further corporate debt could explode and some foreign banks could lose billions of their turkish borrowers default on loans. that the chief economist. cost has lost again today just heard i

that will not be coming until the central bank is declared independent. brent: there have been rumors circulating around global markets today. we had economists saying out loud that a bailout by the international monetary fund may be inenevitabl we had the turkish government today indicating that it may try to develop closer economic ties with russia. worst scenario. and move away from its dependence on the west. how far could that realistically go? dorian: well, for sure, relations between moscow and ankara have been deepeningng the last few years. russian president vladimirir pun was s quick to offffer moral and political l suppt to erdogan with the announcement of these trade sanctions againstst turke. we are here in the c courts that possiblyly the hearing reports ththat russia will possibly agre -- we are hearing these reports that possibly russia will agree to sell oil to alleviate problems turkey is expected to facece going forwardrd. but with any hope of it to -- hope of turkey turning to moscow and receiving support is illusory. russia does not h

we have the gulf bank under pressure, their exposure to the central market. ally the qatar national bank. the mostst banks all in more than a year. now it is pushing pressure on qatari stocks. south african rand, peso, all of these are emerging-market currencies taking a hit. in the sovereign bond, i want to look at the turkish ten-year. this was on friday's close, turkish has yet to open. yields serving 199 basis points. with all of the details we need to know. a lot of red and very bright red. let's bring you breaking news of a different nature. this is to do with korea, or the two korea. /kim will hold a moon summit in pyongyang. south korea is moving, north koreans jim john kuhn will hold a summit by september. we watched with interest with the other summit, that was historic. we will watch with this went to see what it delivers. the korean won is weaker but it is in good company with emerging-market currencies. only down .5%. it is fairly robust and fairly theactive in the face of emerging markets selling pressure. let's get a bloomberg update. here is ju

for the central bank. -- credibility for the central bank.uble, the euro, is that knee-jerk or sustaining a little bit longer? >> i think the initial reaction looks to be a knee-jerk. obviously, there are a lot of factors at way. how bigiver would be the exposure of certain banking sectors to turkey are? against this background, some contagion effects may be fundamentally justified. generally, most emerging markets and also the euro, their central banks have credibility in the market. that is important for investors to see this is a homemade crisis in turkey, which cannot be transferred to other emerging markets emma economies, or the -- markets, economies, or the eurozone. nejra: thank you. coming up later in the show, saudi severn -- sovereign wealth could scrutiny of the ceos comments? this is bloomberg. ♪ ♪ economic finance politics, this is numbered surveillance. let's take a check on buyer in the underperforming terms of the stoxx 600. down 13% right now. bayer plunging the most in over two years after monsanto, which was acquired by ba

india though, its central bank is taking a very different approach. the second time in two months. this time to six and a half %. the central bank governor says, we are possibly at the beginning of currency wars as trade skirmishes have evolved into tariff wars. “— skirmishes have evolved into tariff wars. —— akrotiri. —— 6.5%. the hike didn't come as a surprise, many economists had forecast that the central bank would raise rates and the reason is for that that data that we got two weeks ago. it showed that we got two weeks ago. it showed that consumer price inflation to june had gone up to 5%, more than what the central bank governor and his team would like to see it at. the main reason for changing the policy rate is to ensure that on a durable basis, we come to and maintain the 4% target and we have been away from the 4% number for several months now. and we took two steps, one injune and one in august, to maximise our chances. filch prices are one of the concluding factors to fuel prices. —— they depend on global oil prices because india imports o

will go against the president and then kill the central bank astonishes its independence there with little hope that the full on the currency will stop and in fact the sentiment here is now an internationally so much damage has been done even the central bank is independent and a major hike in interest rates may not be enough to stem before on the currency. people turkish politics will remember that there was a recent election in turkey the constitution was changed giving the president more powers now how do you square that with the need right now of this acute need for the central bank to show to international markets that it is hinted i mean can you square that circle. well indeed the president made very clear in the run up to. election victory that when he did assume these powers. would be to take direct control over the running of the economy and including the central bank he made that clear internationally as well as domestically so he's arguing that i'm only carrying out what i pledged to do and what i was elected to do but the problem is that international investors of w

a couple of weeks ago, all we needed was for the central bank to act like a central bank should. this could move toward a general betterment of the situation. however, now we're talking, we need a fiscal package, imf involvement. and look at what is going on with turkish bank bonds. jonathan: i spoke with jane foley, and she said we need 500 to 1000 basis points of hikes just to stabilize the situation. does a rate hike in any size get it done? >> an interest rate hike of any size does not get it done. it comes down to the credibility and policy makers saying the right thing, backing down. turkey is too big in terms of its political connections to not back down. you're looking at, either way, no matter what, a hard landing for the country. that means you have financial risk within the banks and tourism and trade go out the door. that is not sustainable. i do think the language is going to turn at some point. jonathan: let's move the conversation on. when a currency crisis becomes a financial one, when it becomes a systemic risk. are we going in that direction? fortunately, turkey'

and also the european central bank has the insisted on that is independent no central bank that cannot act independently can pursue rational and reasonable monetary policies and if everyone doesn't understand this it may be almost hopeless to help turkey but if he should decide to.

good experiences showing that central banks do not react to political pressure remember the former e.c.b. president is a dazzling bear who once said that central bankers are like with cream the harder you beat them the tougher they get. it's also have you seen or heard anything from from the government that would harm investors' nerves i think right now there is still very little i think also investors are still waiting for for more to come from ankara and this more to come would really i think have to include really supporting the independence of the central bank showing that there is a pro growth oriented economic policies and you know it could still come but i think when you look at the day to day and market reactions i think this is still too little for the eyes of financial markets to to really feel relief thousands icici the chief economist of i and thank you very much. shares in german chemicals company by a have plunged ten percent after friday's decision by a us court to order monsanto which by a recently acquired to pay two hundred eighty nine million dollars in damages to a gr

financial correspondents in singapore and in frankfurt response and andrea start with you the turkish central bank has intervened promising liquidity for turkish banks is that enough. no it's not enough and it shouldn't be the first step either what people here in the market are looking for is a real signal that the central bank in turkey is ready to act and to actually go to the heart of the problem and that is to raise interest rates now president erda one doesn't like that and it looks to the market as if the central bank is bowing to the president and that message is just very very harmful undermines the confidence not only in the central bank but also in the currency and in turkey as a viable debtor on the whole and what the central bank should do is raise interest rates and raise them now and raise them in a sensible way and emphasize that it's ready to do more if necessary and even if it raises rates now that won't stop the crisis there are other elements is as well involved the political ones like the sanctions and the fight between trump and everyone but even if the first rate hike is a w

the turkish lira extending losses this morning despite the central bank taking steps that would allowl lenders to hold more funds and gold as it tries to improve liquidity in the banking system. haswhile, president erdogan defended the turkish economy, accusing the united states and others of waging war on his country. joining us from istanbul is yousef gamal el-din. bring us up to speed on what we have heard from the central bank. central bank says it will do whatever is necessary to preserve financial stability, which is strong language given they have been fairly absent the last few days. they are testing the liquidity, allowing banks to keep more of their capital. you are looking at $6 billion in additional liquidity that will be available. andconcern around turkey, what is happening with a lot of these lenders or these companies that have lent a lot of money in a foreign currency and the rollover risk that emerges. the action we saw in the lira was a bit of a recover initially, but it did not last very long. it fizzled out very quickly. you get the sense that the central bank is

are central to an economy and it's not to be ruled out the banks may get in trouble over their business in turkey at this present time and that depends on how everything is going to develop now we know that the government in turkey wants to tackle the problem the central bank saying they are ready to take all necessary measures why isn't that called investors. because the central bank is not ready to take all necessary measures that's the estimate that's the opinion that's the evaluation of the people here in the market the only remedy that the people now want to see as one that shows that the central bank is independent of turkey's president everyone and that is a rate hike and not just a rate hike but a major rate hike and i would suppose the verbal ie the support that it's not to be the major rate hike or the last one but that there would be more to follow in order to bring down inflation in order to prop up the currency anything less is not going to convince the people here is going to sustain nervousness in the market will keep that story very closely with you thank you ve

plunges to a new low the president says his country's financial system is under attack by the central bank has promised to do all it can to stabilize the lira but it is unclear if the measures will be enough to stop the spine also coming out of edging towards peace accord and south korea agreed to hold a third summit in september but worries remain over the nuclear standoff between the north and the u.s. the debate about muslim headscarves comes to a head ache sure in germany. tell you twelve minutes they say you have to leave you had skull fight saying no it's my choice you can't tell me what to do you know my parents you don't have custody of me and you can't make my decisions for me. should the government be allowed to ban the wearing of headscarf spike girls under the age of fourteen. and in sports marketing begin the new season with an emphatic victory over frankfurt in the german super cup will bring you the highlights from the game . playing. i'm see me so much got to thank you for joining us turkey central bank says it's ready to take all necessary measures to shore up the country'

and also the european central bank has the insisted on that is independent nor central bank that cannot act independently can pursue rational and reasonable monetary policies and if everyone doesn't understand this it may be almost hopeless to help turkey but if he should decide to see the light we might be able of course to head them because we have a vital interest in a stable turkey for all kinds of strategic economic reasons but also because turkey due to the three million turks in germany is part of our domestic policy scene again what are president are the ones options right now. well there are several options i mean the first obvious right thing to do would be to do what our other guest was suggesting to provide the central bank with the independence that it needs to fulfill its mandate but if out on continues with his in insistence to not allow this then the other options are one one of them of course going to the i.m.f. . there are many observers who are betting that this will end up being the case however of course there is a big issue with that and that is the fact tha

one of the things that happen there was that european central bank and any central bank may choices.e money created to help weaker countries or stronger countries. this is not a political thing. it was a monetary decision and a money decision as well to do things to help create german companies or french companies or the stronger part of europe to begin with. the argument was that there are better bets. five and half a trillion dollars worth of money was greeted by the european central bank to help your and chose not to help greece. has his ongoing thing with italy. and actually work with ben burnett key on a similar policy which still exists in europe. but by making the choice of providing subsidies for the banks. in the countries and so forth evolved. that is contrary money in the is deciding to play favorites. which has other issues. from that same point of that and inequality. it manifested in the brexit vote. because one of the things that happens historically is that when ever there whenever there is economic anxiety amongst a group of people or countries or people that can loo

the chair of the us fed could give us a hint later today as central bank bosses meet from around the world. we're live, we're in london, and that's our top story on friday 24th august. is the annual power well for some of the world's most powerful central bankers, hosted by the boss of the fed, jerome powell, we will look at what they have to say as it becomes highly politicised thanks to president trump. also in the programme... the australian dollar jumps as the country gets a new prime minister following a brutal leadership battle, we'll be live in sydney. most markets are on the up. looking at the week that was, we'll delve into the economic stories hit the headlines including venezuela's floundering economy and an historic day for the s&p with our very own andrew walker. and luton hangs onto its claim to be the uk's worst airport, according to one survey. today we want to know what are your favourite and least favourite airports in the world. let us know, just use the hashtag bbcbizlive. yes, don't hold back, name and shame those airports, or, if one particularly stands out, let

a central banking system in the c.s. money system and even with gold and under the control mostly of governments and gold bullion banks people do not have really the freedom that they would hope to have in a free society because their money is essentially controlled and therefore they are controlled by putting money outside of the banking system and giving people access to this unimpeachable immutable sound of money or hard money you change the dynamic between people and government that's extraordinary and only possible with because i mean i'll just talk about it at length in the book expand on a little yeah absolutely i think a very important book to read about this which preceded bitcoin is the sovereign individual by davidson and reese mog it was written in one thousand nine hundred seven but they discussed the creation of something very similar to bitcoin as the final missing jigsaw puzzle piece that will complete this shift away from having more and more government power and control over monetary assets and over ind

euros and dollars into turkish lira to strengthen the currency meanwhile analysts hope for the central bank to take action to restore confidence in the lira. not turkey has been highly profitable for many foreign banks in recent years thanks to high net interest margin now they are fears the economy's overheating had the lira slump is putting pressure on companies and banks with currency loans as well as foreign entities exposed to them credit ratings agency fitch has cut turkey's sovereign credit rating deeper into junk and want of a hit to the global banking sector with a total of one hundred and forty three billion euros european banks represent broadly three quarters of all foreign bank claims in techie a study by dutch bank a.b.n. amro says spades dva is the lender most exposed to turkey with a third of its pretax profits derived from the country italy's unicredit is also strongly impacted and to a lesser extent dutch bank i n g h b c in britain and to be m.p. paddy power in france earlier i asked analyst tom kane months of the dutch bank a.b.n. amro how worried we should be about to t

a spat between ankrah and washington the turkish center bank will provide liquidity to banks the central barng there monitor prices and take all necessary measures to maintain stability the ratios have been lowered. >> among the biggest sectors losing ground in turkey, the banking index, as you'd expect shed almost 40% this year. you can see morning sessions on -- a number of listed banks under pressure including under selling pressure this morning. both extended the selling today. 40% lower. not just in turkey here in europe, turkey exposed banks. bbva and -- are trading lower. couple of other names -- also hsbc the same. investors are keeping a close eye. bbva has the biggest exposure through durant bank. that stock down almost 3.1%. we're in istanbul with more on this dylan, we're seeing dramatic intervention by the central bank and it's not enough. doesn't maintain the -- on interest rates that are -- >> cathere was an interview las night by the -- president erdogan's son-in-law he was promoted from energy minister to that role not so long ago he said there would be dramatic measures

central bank was the only bank tightening. dollar was weaker, it allowed the rally in emerging markets continue, and so this year, where it looks like europe is slightly lower growth than expected, ecb slower than expected, the dollar has rally and ricochet through markets. banks leads to turmoil in emerging markets. it tends where the dollar is. the dollar is strengthening. the contagion mechanisms through stronger u.s. dollar. -- mechanism is through stronger u.s. dollar. david: alicia levine of the in line -- bny, thank you. not, is, believe it or not quite closed yet. more on that next. this is bloomberg. ♪ ♪ >> this is "bloomberg daybreak." i am emma chandra. coming up, tom schapiro, cheetahs partners -- gtis p artners president and cio. this is bloomberg. ♪ now to your bloomberg business flash. billionaire investor carl ica prominent shareholder advisory firms have come out in favor of the deal. he has called it a travesty, saying cigna was overpaying. bain capital private equity has agreed to purchase esurer. a 72% prem

to act like we thought the central bank would. this could start to move toward a general betterment of the situation. now, we are talking we need a fiscal package. we need ims involvement. look at what is going on with turkish bank bonding. >> i spoke to jane foley. we will be 500 to 1000 basis points of hikes just to stabilize the situation. just to address it. does it have any side to get it done? and interest rate hike of any size does not get it done. it really comes down to the credibility and policymakers saying the right thing, essentially backing down. in terms ofo big its political connection to not back down. you are really looking at either way, no matter what, a hard landing for the country. that means you have got financial risk. within the banks. -- banks. tourism and trade goes out the door. that is not sustainable. i do think the language is going to turn at some point. >> let's move the conversation on. when a crisis becomes a financial one. when it becomes systemic risk to the financial system. are we going in th

coming up, a guest talking about the southeast asia central bank, saying the philippines central bank communication more hawkish. ♪ e hawkish. ♪ phones have made our lives effortless. streaming must see tv has never been easier. paying for things is a breeze. and getting into new places is even simpler. with xfinity mobile, saving money is effortless too. it's the only network that combines america's largest, most reliable 4g lte with the most wi-fi hotspots. and it can be included with your internet. which could save you hundreds of dollars a year. plus, get $150 dollars when you bring in your own phone. its a new kind of network designed to save you money. click, call or visit a store today. rishaad: japan offers reasons to be cheerful. gdp and consumer demand coming in ahead of demand. the elephant starting to run. imf speaking exclusively to bloomberg about communities in india. and take note, a new player in the mobile war. 9 is entering a new market. i am rishaad salamat and this is bloomberg markets. ♪ rishaad: looking at what is going on at the moment, this is the position we

backdrop ofst the all of this, central-bank week was, we got last a big week for central banks and it was. it has not come to an end. rnc, the rba, philippines and peru, a bunch of central-bank decisions as policymakers try to hedge against the risks being imposed by the escalating trade war. ramy: we'll see how the levers get hold or push. let's get a -- colder pushed. -- before the new tariffs headlines across. the s&p 500 was up half a percent. this was actually the fifth weekly gain in a row. that is the same as the dow area for the nasdaq it is its first weekly gain in three weeks. we know volatility happening with tech stocks. quickly let's put up the board and take a look at what is happening with currencies and commodities. the dollar spots down .1%. new york crude, you see on the move. it had fallen .8% on friday. the 10 year yield pulling away from the 3% mark. couldn't go to 5%? futures 1221. track -- here is how we are setting up. central-bank activity with this part of the world, new zealand just getting underway. look at how we are setting up ahead of thursday's decision

it is taken by turkey even as the central bank tries to offer of support. it is not working. >> we will be telling you about that in a little bit. u.s. stocks are within driving distance -- striking distance. escalating trade concerns and geopolitical concerns continue. the chiefk is investment officer at cumberland advisors. i'm sure there were a lot of talk about trade during those days. what were the overriding concerns? >> trade, trade, trade morning through night. it never stops. is aof the group, this temporary thing, there is a lot of bluster, the don't like the president's style but they think there will be settlements. deals will get made. that group comes out of this optimistically. the other part of the group says this is protracted, china doubles down, we have bitten off more than we can chew and we could be headed into recession, slowdown, pain from a trade war. not just a trade threat and the blustering. nobody knows the solution. when you take that and you look at abigail's report on the markets, the forecast for a year are 22 orn one end 230

and also the european central bank have insisted on that is independent north central bank that cannot act independently can pursue rational and reasonable monetary policies and if everyone doesn't understand this. it may be almost hopeless to head turkey but if he and that should decide to see the light we might be able of course to help them because we have a vital interest in a stable turkey for all kinds of strategic economic reasons but also because turkey due to the three million turks in germany is part of our domestic policy scene and what are president everyone's options right now. well there are several options i mean the first obvious right thing to do would be to do what our other guest was suggesting to provide the central bank with the independence that it needs to fulfill its mandate but if out on continues with his in insistence to not allow this then the other options are one one of them of course going to the i.m.f. . there are many observers who are betting that this will end up being the case however of course there is a big issue with that and that is the fa

more and more unlikely that those loans will really be paid back and that is why the european central bank which is the major supervisor of the european banking system is taking a very close look at this and is on high alert all right let's get the view now from turkey do you get me correspondent doreen jones reporting for us in istanbul during turkey's foreign minister has said further pressure will only hurt bilateral ties he's about retaliation but how much worse can relations get. well the potential is to get a lot worse currently u.s. forces are working with a syrian kurdish militia just across turkey's border if you consider a terrorist organization and if they so wish they could put a lot of pressure on those u.s. forces and the kurdish militia they're working with that would ratchet up tensions further on top of that washington is looking for to enforce its new sanctions against iran has refused to do so given the current climate is unlikely to change that stance that again puts to nato allies on a collision course potential for a lot more difficult times ahead. turkish currency ta

and also the european central bank has the insisted on that is independent no central bank that cannot act independently can pursue rational and reasonable monetary policies and if everyone doesn't understand this it may be almost hopeless to head turkey but if he should decide to see the light we might be able of course to head in because we have a vital interest in a stable turkey for all kinds of strategic economic reasons but also because turkey due to the three million turks in germany is part of our domestic policy scene again what are president are the ones options right now. well there are several options i mean the first obvious right thing to do would be to do what our other guest was suggesting to provide the central bank with the independence that it needs to fulfill its mandate but if out on continues with his in insistence to not allow this then the other options are one one of them of course going to the i.m.f. . there are many observers who are betting that this will end up being the case however of course there is a big issue with that and that is the fact that

|j in the central bank, just like we were talking about the fed.something for me, i am reading now it is not something the many people in the uk. the survey showing only 6%, 7%, off workers in the uk work nine to five. what is changing in the work environment for that to happen?” think first of all there have always beenjobs think first of all there have always been jobs that not nine to five, mine has never been nine to five, i accepted that. what has changed is technology and it has put us in a place whereby you are naturally in a place whereby you are naturally in a place whereby you are naturally in a place where you work at weekends, holidays, late at night. and you can work effectively from home as well, you do not have to be in the office. it depends what you do. we cannot do that, but a lot of people can work from home, good old band, laptop. absolutely. in fairness, a good connection, decent phone, ability to be able to type the appropriate a nswe i’s , be able to type the appropriate answers, i do that over time. we have had so many respo

tiber to do and blame the freefall on a plot to attack turkey's economy on monday morning the central bank announced measures to try and shore up the lira it said it would support banks and offer them loans because economic troubles began well before last week though it's fallen more than forty five percent this year alone some investors blame odu ons repeated calls for lower interest rates in the face of high inflation the finance minister who's out of the one son in law has put together what he calls a decisive action plan to revive the economy or the divine is encouraging turks to sell dollars and buy liras to strengthen the currency so then course although has more from istanbul. turkish central bank's decision to increase the liquidity in the markets has been welcomed by the turkish business world however when it comes to central bank decisions especially to increasing interest rates there are two different schools of thoughts one which is a presented by president don sais that there is a specification lobby in the international markets that puts pressure on turkey to increase the rat

the saudi central bank and pension fund have begun selling canadian assets. canadian stocks and bonds were little changed. >> canada will always stand up for our workers and companies. we need to make sure we are protecting canadian interests in any situation. we continue to engage with the government of saudi arabia. the minister of foreign affairs had a long conversation with their foreign minister yesterday. diplomatic talks continue. >> the ruble fell on news the u.s. will sanction russia for the nerve agent attack in the u.k. the penalties would take effect around the 22nd of this month. sergei scribble and his daughter fell ill after coming into contact with what british and american authorities say was a powerful russian neurotoxin. pound fell to its lowest in nine months against the euro amid concern the u.k. could end up leaving the european union with no deal on economic ties. the pound weakened against all its g10 peers. markets areassigned starting to focus on the risk of a no deal brexit. global news 24 hours a day on air and @tictoc on twitter,

managementally because all we needed was for turkey central-bank to act like a central-bank wood. ine toward a general betterment of the situation. now we are talking we need a fiscal package. look at what is going on. kathy and i spoke to jay foley. -- just to stabilize the situation. just to address it. get it done. >> any size does not get it done. it comes down to the credibility and policymakers saying the right thing, essentially backing down. ofkey is too big in terms its political connections. to not back down. , nore looking at either way matter what, a hard landing for the country. that means you got financial risks within the banks. tourism and trade just goes out the door. that is not sustainable. i do think the white which is going to turn at some point. >> when a currency crisis becomes a financial one, when it becomes a systemic risk, are we going in that direction now? >> fortunately, turkey's relationship is not anything near what some countries would be. it can be contained. i agree with kathleen, things have to be done quickly. 97-90 -- nice on-98, it can tend t

dollar that's the seer and turkey's central bank says it's ready to take all necessary measures to ensure financial stability after the collapse of the lira its promise to provide all the liquidity the banks needs while president rest of tayyip erdogan is blaming freefall on a plot to attack turkey's economy which he insists is not in crisis simplest of all who has more from istanbul. turkish central bank's decision to increase the liquidity in the markets has been welcomed by the turkish business world however when it comes to central bank decisions especially to increasing interest rates there are two different schools of thoughts one which is a presented by president don sais that there is a specification in the international markets that puts pressure on turkey to increase the rate so that they can vent if it from turkish markets to the end and he says he is totally against it this wouldn't work and he will not be done on the other hand another school of thought say is that for no especially since the failed coup in two thousand and sixteen turkey central bank must have increased the