May 27 2018

Erdoğan calls on nation to convert dollar, euro savings into Turkish Lira

Turkish President Recep Tayyip Erdoğan on Saturday called on Turkey's citizens to  convert their dollars and euros into lira, in an effort to strengthen the currency which lost about 20 percent of its value against the U.S. currency this year and took a particularly sharp dive last week, independent news site Diken reported.

Turkish lira took a dramatic fall against the dollar on Wednesday, slumping to a record low of 4.92 to the dollar, amidst worries about persistent inflation and political interference by the Turkish president in central bank decision-making.

Erdoğan called out to those who have dollars or euros ‘’under their pillow,’’ to convert their money into liras, noting that this would ‘’thwart the game,’’ being played against the nation’s currency, while speaking at rally in Turkey’s eastern Erzurum province. The Turkish president has vowed to take on what he calls, the ‘’game,’’ against the lira, for which he accuses foreign forces.

The Turkish president’s campaign trail is taking him around the country in the countdown to the parliamentary and presidential elections on June 24, which will usher in a new executive presidential system approved narrowly in last year’s referendum.