Erdogan says Turkey faces ‘economic sabotage’ as lira plunges

Turkish President Recep Tayyip Erdogan on Saturday said his political enemies are trying to sabotage the economy by speculating on the stock market, foreign exchange rate and interest rates after failing to overthrow his administration in July. The lira plunged to record lows over the past week even as Erdogan urged Turks to convert their foreign currency savings into liras and gold while vowing to keep up his fight against high interest rates. Erdogan is trying to verbally stem a run on the lira, which has lost more than any other emerging market currency over the past month, damping everything from consumer sentiment to economic growth. Since a coup was quelled in July, Erdogan has sought popular support to shift from a parliamentary system to an executive presidency to concentrate power in his office. (Selcan Hacaoglu/Bloomberg)