Lira hits all-time low as Erdogan tells Turks ‘they have their dollar, we have our god’

The Turkish lira has collapsed to an all-time record low against the dollar, but the country’s leader has brushed aside concerns, telling Turks “we have our God.”

President Donald Trump said in July that the U.S. would place “large sanctions” on the country for the pastor’s detention.

Late Thursday, Turkish President Recep Erdogan said he will stand up to the pressure.

“There are various campaigns being carried out. Don’t heed them,” Erdogan said. “Don’t forget, if they have their dollars, we have our people, our God. We are working hard. Look at what we were 16 years ago and look at us now,” Erdogan told supporters.

The Turkish president is reported to make his next public appearance in the eastern province of Bayburt on Friday.

The lira’s three-month implied volatility gauge hit its highest since late 2008. Implied volatility shows the market’s opinion of the currency’s potential moves. If the implied volatility is high, the market things the currency has potential for large price swings in either direction.

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