Turkish lira at fresh session low as Erdogan calls for citizens to sell foreign currencies … MARKETWATCH
Turkish lira at fresh session low as Erdogan calls for citizens to sell foreign currencies
By Anneken Tappe
The Turkish lira extended its slide on Friday as President Recep Tayyip Erdogan in a speech called on his population to exchange dollars and gold for lira.
Having called for this before, Erdogan added that it would be an effective response to the West.
He also said “Turkey won’t surrender to economic hitmen.”
U.S.-Turkish relations have been strained over the detention of a U.S. pastor in Turkey.
The lira hit a historic low against the U.S. dollar and the euro on Friday and spiked to session lows during the president’s speech.
The country will introduce its 2019-2023 economic program in early September.
One dollar last bought 6.1323 lira, up 10.5%, while the euro fetched 7.0223 lira, up 9.8%, according to FactSet.