Lira collapses as Erdogan tells Turks: They have ‘their dollars,’ we have ‘our god’

Lira collapses as Erdogan tells Turks: They have ‘their dollars,’ we have ‘our god’

Donald Trump (L) welcomes President Recep Tayyip Erdogan (R) of Turkey outside the West Wing of the White House May 16, 2017 in Washington, DC. – Getty Images

The Turkish lira has collapsed to an all-time low against the dollar, but the country’s leader has brushed aside concerns, telling Turks "we have our God." The Turkish President Recep Erdogan then followed those comments up Friday by urging Turks to sell dollars and gold and buy lira.

At around 8:00 a.m. ET Friday, the lira had fallen to $7.081, an almost 11 percent loss for the session. It has since pared some losses. As recently as April one dollar bought about four Turkish lira.

The first wave of selling came early Friday after a Turkish delegation returned from the United States with apparently no progress on the detention of a U.S. pastor. The evangelist, Andrew Brunson, is charged with supporting a group blamed for an attempted coup in 2016.

https://www.cnbc.com/2018/08/10/lira-hits-all-time-low-as-erdogan-tells-turks-they-have-their-dollar.html

Advertisements