TURKS have been hitting bureau de changes, after being ordered to sell their gold and dollars to support the crumbling Lira.
Turkey’s economic woes worsened after US President Donald Trump escalated a feud with Turkey by doubling tariffs on metals imports.
Photos show locals obediently visiting exchange offices in a collective bid to save a currency in free fall.
The lira has long been falling on worries about Erdogan’s influence over monetary policy and worsening relations with the US.
The Lira slides rapidly downward against our very strong Dollar
The currency dropped as much as 18 percent at one point, the biggest one-day fall since Turkey’s 2001 financial crisis.
Reverberations spread through global markets, with European stock markets especially hit as investors took fright over banks’ exposure to Turkey. U.S. stocks were also rattled.
The lira has lost more than 40 percent this year.
It hit a new record low after Trump announced he would punish Ankara in a wide-ranging dispute.
The President said he had authorised higher tariffs on imports from Turkey, imposing duties of 20 percent on aluminium and 50 percent on steel.
The lira, he noted on Twitter, «slides rapidly downward against our very strong Dollar!»
«Our relations with Turkey are not good at this time!» he wrote.
An important emerging market, Turkey borders Iran, Iraq and Syria and has been mostly pro-Western for decades.
Financial upheaval there risks further destabilising an already volatile region.