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Erdogan tells Turks to buy crumbling lira as Trump turns the screws

Reuters India
Erdogan tells Turks to buy crumbling lira as Trump turns the screws

ISTANBUL/WASHINGTON (Reuters) - President Tayyip Erdogan told Turks on Friday to sell their gold and dollars to support the crumbling lira, with the currency in free fall as President Donald Trump escalated a feud with Ankara by doubling tariffs on metals imports. The lira TRYTOM=D3 has long 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 currency diving as much as 18 percent at one point, the biggest one-day drop since a 2001 financial crisis in Turkey. Reverberations spread through global markets, with European stock markets especially hit as investors took fright over banks’ exposure