August 3, 2018 / 1:55 PM / 16 days ago

Erdogan calls on Turks to convert hard currency, gold into lira

ANKARA, Aug 3 (Reuters) - Turkish President Tayyip Erdogan on Friday called on citizens to convert their hard currency and gold into lira, after the local currency tumbled to a record low this week, reflecting investor concern about a widening diplomatic rift with the United States.

Erdogan, in a speech in Ankara, also said Turkey was diverting to the Chinese market to overcome what he said were “subjective evaluations” from ratings agencies. Erdogan has repeatedly railed against credit raters, saying their downgrades of Turkey’s sovereign debt to “junk” status were politically motivated. (Reporting by Ece Toksabay; Writing by David Dolan; Editing by Tuvan Gumrukcu)

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