The president of Turkey, Erdogan, affirms that the monetary crisis is a "national battle"

President Recep Tayyip Erdogan, photographed last week, framed Turkey's currency crisis as a "national battle" and urged the Turks to exchange gold and currencies for lira

President Recep Tayyip Erdogan is fighting for the Turkish economy to follow its path after the currency touched a record low against the dollar today, amid a wave of financial crisis that Donald Trump worsened by promising to double tariffs to the ally of the NATO.

The lira lost almost nine percent against the dollar and the euro on Friday, and has lost more than a third of its value against currencies so far this year.

Erdogan framed Turkey's currency crisis as a "national battle" against economic enemies, including the US. UU., Saying: If they have their dollar, we have the people, we have Allah & # 39;

He urged people to exchange gold and currencies for lira to help stabilize the exchange rate, but Trump's tweet that he had doubled steel and aluminum tariffs on Turkey deepened the financial crisis.

It comes amid concerns about Erdogan's influence on monetary policy and the worsening of US relations, which has become a panic in the market.

President Recep Tayyip Erdogan, photographed last week, framed Turkey's currency crisis as a "national battle" and urged the Turks to exchange gold and currencies for lira

President Recep Tayyip Erdogan, photographed last week, framed Turkey's currency crisis as a "national battle" and urged the Turks to exchange gold and currencies for lira

I've just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey since its currency, the Turkish Lira, is rapidly sliding down against our very strong Dollar. Trump said on Twitter.

"Our relations with Turkey are not good at the moment!"

Trump's announcement came after talks in Washington this week did not resolve the impasse that has led both sides to impose sanctions on top officials amid fears of more serious action.

Earlier on Friday, President Erdogan praised any concerns during a speech in the northeastern city of Bayburt on Friday, saying: & # 39; The dollar can not block our way. Do not worry

"However, I say it once again from here, if there is someone who has dollars or gold under their pillows, they should exchange it for liras in our banks.

& # 39; This is a national, national battle. This will be the response of my people to those who have waged an economic war against us. "

President Donald Trump said on Friday he had authorized higher tariffs on imports from Turkey, imposing a 20 percent tax on aluminum and 50 percent on steel, while increasing tensions between the US leader and the Turkish president Tayyip Erdogan

President Donald Trump said on Friday he had authorized higher tariffs on imports from Turkey, imposing a 20 percent tax on aluminum and 50 percent on steel, while increasing tensions between the US leader and the Turkish president Tayyip Erdogan

President Donald Trump said on Friday he had authorized higher tariffs on imports from Turkey, imposing a 20 percent tax on aluminum and 50 percent on steel, while increasing tensions between the US leader and the Turkish president Tayyip Erdogan

Turkey was facing artificial financial volatility, Erdogan said, and people should not pay much attention to currency prices, and should focus on the "big picture."

However, once President Trump had tweeted about the authorization of higher tariffs on imports from Turkey, President Erdogan telephoned Russian President Vladimir Putin.

Putin and Ergogan discussed economic and trade relations by telephone, the Kremlin said in a statement.

The two leaders also spoke about the success of the joint strategic projects between the two countries, particularly in the field of energy, he said.

The lira hit a record low of 6.24 per dollar on Friday, before recovering to 5.92, still below a huge 7 percent on the day.

The currency has fallen 66 percent since the beginning of the year, which has raised the cost of goods for Turks and has affected the confidence of international investors in the country.

One of the triggers of the confusion has been a confrontation with the United States over a detained US pastor that Turkey, a NATO ally, has been tried for espionage and terror-related charges related to a failed coup attempt in the country. two years ago.

Everything changes, everything changes: currency sellers wait for customers in a market in Istanbul

Everything changes, everything changes: currency sellers wait for customers in a market in Istanbul

Everything changes, everything changes: currency sellers wait for customers in a market in Istanbul

Washington demanded the pastor's release and imposed financial sanctions on two Turkish ministers and warned of additional measures.

The high-level meetings in Washington between US and Turkish officials ended this week without an apparent resolution.

Meanwhile, investors are worried about the economic policies of President Recep Tayyip Erdogan, who won a new mandate in June with broad new powers.

Erdogan has been lobbying the central bank not to raise interest rates in order to continue to fuel economic growth. He says that higher rates lead to higher inflation, contrary to what standard economic theory says.

Independent analysts argue that the central bank should raise rates to control inflation and support the currency.

In modern economies, central banks must be independent of governments to ensure that they establish policies that are better for the economy, not for politicians. But since the adoption of greater powers, Erdogan seems to have more control over the bank as well.

The lira fell to 14 percent on Friday, amid concerns about the influence of Erdogan, photographed with his wife Emine, on monetary policy and the worsening of US relations.

The lira fell to 14 percent on Friday, amid concerns about the influence of Erdogan, photographed with his wife Emine, on monetary policy and the worsening of US relations.

The lira fell to 14 percent on Friday, amid concerns about the influence of Erdogan, photographed with his wife Emine, on monetary policy and the worsening of US relations.

Last week, he called on the Turks to convert their currencies and gold into Turkish lira to help the currency.

The Minister of Finance and Finance, Berat Albayrak, who is Erdogan's son-in-law, was scheduled later on Friday to outline a "new economic model".

The fall of the currency is particularly painful for Turkey because the country finances a large part of its economic growth with foreign investment. As the currency falls, Turkish companies and households with foreign currency debt see their debts expand.

Along with an inflation rate of almost 16 percent, that could cause great harm to the local economy.

Foreign investors could be scared and try to take out their money, reinforcing the fall of the currency and potentially leading to financial instability.

Aylin Ertan, a 43-year-old catering company in Ankara, said she was concerned about the future of her small business.

"The price of the food I buy increases day by day, the fuel I put in my car to distribute lunches is more expensive, but I can not raise my prices overnight," he said. & # 39; In some days, I end the day with a loss & # 39;

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