Now, Turkey is in the forefront with Turkish President Recep Tayyip Erdogan calling upon citizens to convert all foreign currency to Turkish lira.

“The Turkish lira is plummeting for a variety of reasons most notably the central bank’s refusal to raise interest rates to support it as well as a recent ramp up in U.S. sanctions,” said Alec Young, managing director of global markets research at FTSE Russell. “Currency weakness is fueling inflation and making it more expensive for Turkey to repay its large foreign currency denominated debt.”

President Trump doubles steel and aluminum tariffs on Turkey as lira plunges from CNBC.

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