Tayyip Erdogan says “We have Allah, You have the Dollar” in the new threat to the United States. This is something very courageous to say.
Turkish President Recep Tayyip Erdogan labels currency crisis a National Battle. After being silent for a long time President Recep Tayyip Erdogan took lira crisis matter in his own hands. Addressing the rally he said the dollar does not bind us, and Allah has the greatest powers.
President Recep Tayyip Erdogan urged Turks to support the Turkish Lira currency by exchanging any gold or foreign currency as Turkey is facing economic war. President Recep Tayyip Erdogan said “If you have foreign currency, especially Dollars or Euros then go to banks and exchange it with Turkish Lira as it’s TURKEY’S FIGHT!
Turkey residues at loggerheads with the US over the confinement for the last 2 years of American minister Andrew Brunson and a horde of other problems.
This will be the answer to those who have avowed a financial war,” he said, accusing Turkey’s anguishes on what he defined as an “interest rate porch” looking for to push Turkey to higher rates.
Trump strengthened the fear of monetary marketplaces with a new tweet on the Turkey clamor.
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!
— Donald J. Trump (@realDonaldTrump) August 10, 2018
But Erdogan told Turks should not be panicked by exchange rate actions. “The dollar, the dollar, will not cut our trail,” said Erdogan using a character of dialogue he frequently uses to mock roughly.
“Don’t worry!” He said Turkey is not scared of “threats” and furthermore Turkey had “substitutes” for monetary collaboration in many ways “from Iran, to Russia, to China and a number of European countries”.
The Turkish money lira has fallen by 7% on August 10 – a significant record in contradiction of the dollar as straining with the United States increased.
The lira’s drop is one of the sternest fiscal disasters that Erdogan has confronted since coming to control in 2003 in the wake of an economic catastrophe in 2001 that brought the economy to near breakdown.