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Erdogan tells Turks to buy free-falling lira as US doubles metals tariffs

The lira has been falling on worries about Erdogan's influence over monetary policy and worsening relations with the United States

Reuters  |  Istanbul / Ankara 

President Tayyip Erdogan told Turks on Friday to exchange gold and dollars into lira, with the country's currency in free fall after President Donald Trump turned the screws on Ankara by doubling tariffs on metals imports. The lira has been falling on worries about Erdogan's influence over monetary policy and worsening relations with the United States. That turned into a rout on Friday, with the lira diving more than 18 per cent on the day and more than 40 per cent this year to a new record low after Trump took steps to punish Turkey in a wide-ranging dispute. Trump said ...

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First Published: Fri, August 10 2018. 20:46 IST
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