Turkish currency, lira continues to weaken against the US dollar. The lira has fallen to a record low of 6.24 per dollar on Friday last week. This Turkish currency has dropped by 66% since the beginning of this year.
The weakening of the lira currency against the US dollar itself occurs because of President Donald Trump's policy of doubling the import tariff for plows and aluminum from Turkey.
Through his Twitter account, on Friday last week Trump announced that aluminum import tariffs would increase to 20% and steel import tariffs would be increased to 50%.
Besides Therefore, the lira was down when Recep Tayyip Erdogan was sworn in as president. Because, he raised Berat Elbayrak, his own son-in-law, as Turkey's Minister of Finance.
"If the US has dollars, then we are Turkish people, we have God," Erdogan said as quoted by CNBC on Monday (08/13/2018).
In his speech, Erdogan also said that his country would continue to grow even though the lira currency continued to weaken. He even warned that Turkey's economy had grown by 7.4% in the first quarter of 2018.
"We will not allow anyone to deter us from our goals. Although attacks are carried out through currency exchange rates, we will continue to grow in the second quarter and end 2018 with a higher record," he explained
Erdogan asked his citizens to sell US dollars to help strengthen lira.
"If there is a dollar under the pillow, sell it !" he told his supporters in the city of Unye, as quoted by Reuters on Monday (08/13/2018).
"If there is a euro, sell too! Take it to the nearest bank immediately, replace it with lira. This way we fight for independence in the future. Show the world that they understand," he said.
Turkey's Finance Minister Berat Albayrak also spoke about weakening the country's currency in an effort to ease investor concerns about Turkey's economy.
As quoted from CNBC, Monday (08/13/2018), Berat Albayrak in a speech said the government would maintain the independence of the central bank.
He also promised to continue to maintain sustainable economic growth against inflation which is currently approaching 16%. Albayrak spoke of his ministry's new economic policy when the currency fell.
"One of our principles is to continue to ensure independence and strengthen monetary policy," he said.
Turkish currency, the lira continues to experience a fluctuation in the weakening against the US dollar. This weakening of the currency has occurred since the beginning of 2018.
As quoted by CNBC.com, Monday (08/13/2018), the weakening of the Turkish currency has even reached 66% since the beginning of 2018. Lira reached a record low of 6.24 per dollar on Friday last week.
It was also said that the lira had fallen to all-time lows amid concern the government's economic policy with the United States showed no signs of improvement. Relations between the two countries are in high tension.
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