Turkish President Recep Tayyip Erdogan has called on the country’s citizens to sell foreign currencies to support the lira which has seen a record plunge against the US dollar amid a diplomatic conflict with Washington.

“Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks. This is a domestic and national struggle,” Erdogan said, as quoted by  the Associated Press.

Meanwhile, U.S. President Donald Trump announced via his Twitter fresh sanctions on Turkish steel and aluminum

Trump tweeted: “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! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!

More details to follow…

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USR
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USR

Erdo, when your son will drop his euros in Italian banks made a couple of years ago while trading with ISIS oil extorted from the Syrian soil?!?

Daeshbags Sux
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Daeshbags Sux

With Lira worthing only 55% of its value of one year ago, and it’s not due to US sanctions but to Erdogan stupid management of economy over several years, how funny, Turkish car-renting companies now don’t even accept Lira any more, they want $ or €. In fact, it’s not without reasons Erdogan did a snap election : had the pre election happened in 2019, the recession, which was foreseen for a while, would have made his re-election totally impossible. The loan-funded artificial fast growth of economy could hide a double faster inflation for a while until the moment to… Read more »

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Stern Daler

Huge foreign currency loans were spent on over dimensioned infra structure projects and shopping malls. These foreign loans served to dodge high interest rates on sums taken out in Lira. Now with Lira at a historic low they act like a extra premium interest rate because they must be repaid in € and $. This foreign currency scheme was a gamble. A similar gamble went wrong in Hungary. p.s. Due to the Lira weakness daring investors owning foreign currency are buying: In demand now: Turkiye Garanti Bankasi AS. That was followed by investments in petrochemicals producer Petkim, steelmaker Kardemir, defense… Read more »