Erdogan says those who buy FX expecting lira to fall will pay ‘heavy price’

Erdogan made the comments while speaking at a local election rally in Istanbul. (Reuters)

Turkish President Recep Tayyip Erdogan said on Sunday those in the finance sector who buy foreign currencies on the expectation that the lira will fall will pay “a very heavy price,” adding the Finance Ministry is carrying out work on this.

Speaking at an election rally in Istanbul, he said “some people” had begun provoking Turkey and that they are attempting to make the lira decline against foreign currencies with their cooperators in Turkey.

The Turkish lira tumbled more than four percent against the US dollar on Friday, its biggest one-day fall since a currency crisis took hold in August, raising concerns that Turks are buying more foreign cash as ties with Washington deteriorate.

Last Update: Wednesday, 20 May 2020 KSA 09:59 - GMT 06:59