President of Turkey Recep Tayyip Erdogan blamed western allies and international credit rating agencies for the fall of the Turkish currency, which recently plunged to record lows against the U.S. dollar.

Addressing village heads (mukhtars) at the presidential complex in Ankara on Thursday, Erdogan, referring to international markets, said: "Our economy is being targeted by floating exchange rates. They try everything to slow economy by troubling suppliers and consumers. They take every chance to scare investors and block investments.”

“A lot of international institutions, notably the European Union, make unfair accusations,” he added, referring to recent unflattering reports on Turkey’s situation.

Erdogan went on to say that Turkey would not let anyone threaten it through terror, gangs of traitors or the economy.