Turkey

Turkey's leader renounces foreign currencies to boost lira

Turkey's leader has renounced foreign currencies in favor of the ailing lira currency in keeping with his appeal to Turkish citizens to do the same, his spokesman said Thursday, as a new measure was unveiled to help struggling businesses.

President Recep Tayyip Erdogan "exchanged all of the foreign currency in his accounts into Turkish liras," spokesman Ibrahim Kalin said.

Last week, Erdogan had urged his citizens to give up the dollar and euros at a time the economy is teetering. Erdogan called on Turkish citizens to convert savings held in foreign currencies into gold and Turkish lira to help boost the ailing currency, which recently dropped above 3.5 lira per...

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