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Erdogan urges Turks to convert foreign currency to Lira

In November alone, the lira hemorrhaged more than 10 percent against the dollar

Published: Updated:

President Recep Tayyip Erdogan urged Turks on Friday to convert their foreign currencies into gold and lira to stimulate the country’s economy as the lira continued its slide against the dollar.

“For those who have foreign currencies under the pillow, come change this to gold, come change this to TL (Turkish lira). Let the lira win greater value. Let gold win greater value,” he said during a televised speech in Ankara.

“What necessity is there to let foreign currency have greater value?” he asked.

However, as he delivered his speech, the lira lost value against the dollar, reaching lows of 3.51.

Later the Istanbul Exchange said on its website it would convert all of its cash assets into Turkish lira “in support of the call by H.E. President Recep Tayyip Erdogan” leading the lira to make up some of its loss against the greenback after it reached record lows of 3.58.

The lira was at 3.50 against the dollar after 1500 GMT, still losing 0.68 percent of its value on the day.

In November alone, the lira hemorrhaged more than 10 percent against the dollar.