A 2019 video in which President Recep Tayyip Erdoğan ridicules people's concerns that the Turkish lira will weaken past 10 past per dollar, has gone viral on social media.
In the video, Erdoğan tells his ruling Justice and Development Party (AKP) lawmakers: “According to these [people who criticize the government], the dollar will be 10 against the lira; the inflation will exceed 30 percent; the banks will stagger; our Treasury will go bankrupt. What happened? Did any of these happen?” After Erdoğan's remarks, AKP lawmakers are heard clapping their hands.
In less than three years after these remarks, the lira hit successive records against the dollar, trading at an exchange rate above 17 as of June 10. The country reported an official annual inflation rate of 73.5 percent in May, but the independent inflation group ENAG put the figure at 160.76 percent. The Central Bank's net foreign currency reserves, on the other hand, are negative when adjusted for “swap” deals with domestic banks.