Turkey on the Economic Brink, Explained in a Dozen Charts

Turkey to reveal 'new economic model' on Friday

The currency, which had already fallen 40 per cent, has suffered its most dramatic day so far this year, falling as low as 6.30 lira per dollar at one point.

The lira plunged to as low as 6 against the USA dollar on Friday, a day after a Turkish delegation returned from talks in Washington with no apparent solutions to their simmering crisis.

Concerns were intensified Friday by a report in the Financial Times that the supervisory wing of the European Central Bank (ECB) had over the last weeks began to look more closely at eurozone lenders' exposure to Turkey.

A plummeting Turkish lira sent ripples through global equities and emerging markets on Friday, as rising fears of a wider fallout sent investors scurrying for the safety of assets such as the yen and USA government bonds.

Investors are also concerned about President Erdogan's interference in affairs of the country's central bank.

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However, a defiant Erdogan brushed aside concerns, telling a roaring crowd of Turks in the Black Sea city of Rize not to worry. "There are various campaigns being carried out". Do not heed them,"Erdogan said". We are working hard. "It looks like EUR/USD will hit our end-September forecast of 1.1400 early", said Richard Grace, a foreign exchange strategist with Commonwealth Bank Australia.

Meanwhile, Turkish Treasury and Finance Minister Berat Albayrak is expected to present a new economic development doctrine for the country on Friday. He has presented an economic action plan for the next 100 days. Though this is four times larger than Greece, it is still "less than half the size of the Italian economy, despite Turkey's larger population of around 80 million versus around 60 million for Italy", according to the analysis.

"President Erdogan's strengthened powers under the new presidential system have made it increasingly uncertain whether policymakers will be able to act to stabilise the economy", said William Jackson, chief emerging markets economist at Capital Economics in London. Once any crisis was over, the bank expects exports to recover quickly.

"Many of these European banks have their own non-performing loans and liquidity issues to deal with themselves".

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