World

Turkey's currency nosedives on economic concerns, US dispute

10 of August 2018

Turkey's President Recep Tayyip Erdogan addresses supporters at his Black Sea hometown, Guneysu, Turkey, early Friday, Aug. 10, 2018. Turkey's Finance and Treasury Minister Berat Albayrak will reveal a " new economic model " as the Turkish Lira has lost more than 30 percent of its value since the start of the year.(Presidential Press Service via AP, Pool),Turkey's President Recep Tayyip Erdogan addresses supporters at his Black Sea hometown, Guneysu, Turkey, early Friday, Aug. 10, 2018. Turkey's Finance and Treasury Minister Berat Albayrak will reveal a " new economic model " as the Turkish Lira has lost more than 30 percent of its value since the start of the year.(Presidential Press Service via AP, Pool)

ANKARA, Turkey (AP) — The Turkish currency has plunged to an all-time low amid concerns over the president’s economies policies persisted and as a dispute with the United States showed no sign of subsiding.

The lira hit a record low of 6.24 per dollar on Friday, before recovering to 5.94, down 7 percent on the day. The currency has fallen 66 percent since the start of the year.

High level meetings in Washington between U.S. and Turkish officials over a detained American pastor ended this week without an apparent resolution. Washington imposed financial sanctions on two Turkish ministers and warned of additional measures.

President Recep Tayyip Erdogan on Thursday portrayed the currency drop as a “campaign” to harm Turkey.

He said: “If they have their dollar, we have the people, we have Allah.”