TURKEY’S President Recep Tayyip Erdogan has called the plunge of the lira a “currency plot” after Donald Trump gloated about his crushing sanctions on Twitter.
Mr Erdogan pledged to fight back after US President Trump doubled punishing tariffs on the nation adding that those responsible “think they can destroy Turkey”.
The President denied Turkey is in a currency crisis and dismissed a plunge in the lira as "fluctuations," which have nothing to do with economic fundamentals.
Speaking after US President Donald Trump doubled tariffs on Turkish steel and aluminium imports, Mr Erdogan described Friday's 18 percent fall in the lira to a record low as the "missiles" of an economic war waged against Turkey.
Mr Erdogan said those who plotted against Turkey in a failed coup attempt in July 2016 were now trying to target the country through its economy, and pledged to fight back.
He said: "Those who can't compete with us on the ground have brought online fictional currency plots that have nothing to with the realities of our country, production and real economy,"
"The country is neither crumbling, nor being destroyed or bankrupt or in a crisis," he said, and added that the way out of the "currency plot" was to boost production and "minimise interest rates".
It comes after US President Trump took to Twitter yesterday to boast about the value of the dollar against the lira.
He told his 57million followers: “I have just authorised a doubling of Tariffs on Steel and Aluminium with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar!
The lira crashed days ago as tensions between the US and Turkey began to rise.
Turkish lira fell to an all-time low against the dollar yesterday, making it worth about 16 cents.