Erdogan calls on the Turks: Turn euro and dollars into lira

Photo of the Remarkables mountain range in Queenstown, New Zealand.

Turkish President Recep Tayyip Erdogan called on Turkish citizens on Saturday to convert their dollar or euro savings into lira, seeking to strengthen the currency that is in trouble, which has lost 20 percent of its value against the US currency .


 
"My brothers who have dollars or euros under their 'pillow'. Go and convert your money into the lira, "Erdogan said at a rally in the eastern city of Erzurum ahead of the 24 June parliamentary and presidential elections.

Turkey addresses these elections faced with a collapse of its currency that threatens to cause an economic crisis.

Since the beginning of the year, Turkish lira has lost nearly 20% of its value against the US dollar, although it was able to recover this week after a turbulent interest rate rise by the Turkish Central Bank.


There are growing signs that Erdogan's government is shaking its control not only over Turkey, but also on the central Bank that is turning its focus, says Commerzbank's global financial economist Peter Dixon.


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