Turkey's Erdogan says lira weakness a plot, cannot be explained by logic

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© Reuters. Turkish President Tayyip Erdogan addresses members of his ruling AK Party in Rize© Reuters. Turkish President Tayyip Erdogan addresses members of his ruling AK Party in Rize

ISTANBUL (Reuters) – Turkish President Tayyip Erdogan said on Sunday the current level of the lira and fluctuations in the exchange rate could not be explained by logic, and its recent plunge showed a plot against Turkey.

Speaking to a crowd of supporters in the Black Sea coastal city of Trabzon, Erdogan repeated his call to Turks – for the third day in a row – to sell euros and dollars to shore up lira.

The lira has lost about 40 percent this year, largely over worries about Erdogan’s influence over the economy, his repeated calls for lower interest rates in the face of high inflation and deteriorating ties with the United States.

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