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.
The Turkish currency dropped more than 11 percent on Friday, hitting a new low of 6.3 lira to the US dollar. The currency is currently heading for its worst week since 2001.
Earlier US President Donald Trump tweeted that the US would double import tariffs on aluminium and steel. The Turkish lira hit a historic low in the currency exchange market.