Today, the President of Turkey, said that the decline in the value of the Turkish lira was considered as a political plot against the nation.
Talking to a group of supporters in the Black Sea coastal city of Trabzon, the Turkish President stated: “What is the reason for all this storm in a tea cup? There is no economic reason for this … This is called carrying out an operation against Turkey.”
Last Friday, the value of the lira dropped to a record low against the dollar, having plunged by over 40 percent against the dollar this year.
Today, Erdogan reiterated his appeal for Turks to sell their foreign currency in order to support the lira.
This year, the lira has been pummelled by fears over the influence of Erdogan over the economy of the country and its worsening relations with the United States of America.
Donald Trump, the President of the United States of America, has held a hard line against Turkey regarding the fate of Andrew Brunson, an American pastor who has been detained in Turkey for the past two years. Brunson was accused of having ties with the banned Kurdistan Workers Party (PKK) and the Gulenist movement which has suffered a crackdown following a failed coup attempt in 2016.
During the weekend, President Trump said that he had approved the doubling of tariffs imposed on Turkish aluminium and steel to 20 percent and 50 percent respectively.
On Twitter, Trump stated: “Our relations with Turkey are not good at this time!”
Th Turkish President said that the tariffs were “missiles” in an economic war that is being initiated against Turkey.
In an article in the New York Times during the weekend, Erdogan threatened that Turkey, a member of NATO, would “start looking for new friends and allies” once the United States did not change its trend of “unilateralism and disrespect.”
Turkey also wants the United States to hand over Fethullah Gulen, a Pennsylvania preacher, which it blames for the failed coup attempt in 2016.
Both countries are also at odds regarding the war in Syria, where the United States supports Kurdish militants that has connections with the outlawed PKK, which is long perceived as a threat by Turkey.
The United States has also slammed the decision of Turkey to acquire S-400 surface-to-air missiles from Russia, which it states are not compatible with the systems that are used by fellow NATO allies.