Recep Tayyip Erdoğan tried to restore confidence in the Turkish lira after it plunged by more than 20% against the dollar on Friday. The sudden drop came when Donald Trump announced on Twitter he was doubling US import tariffs on Turkish steel and aluminium.
The Turkish president called on Turks to exchange dollars, euros and gold for Turkish lira. He said this would be Turkey’s response ‘to those who wage economic war against us’.
The lira has been under sustained pressure on foreign exchanges, dropping by almost 50% against the dollar in the past 12 months.