Turkey's president has called on his people to buoy the country's currency by buying more of it. Tayyip Erdogan says the economy is under attack. With the economy struggling and the currency plunging, his government has announced a new economic model. CGTN's Michal Bardavid has details.

2018 has been a difficult year for the Turkish economy as the country's currency continues to tumble.

MICHAL BARDAVID ISTANBUL "The Turkish lira has been declining for months, becoming one of the worst performing currencies this year. It has lost more than 35 percent of its value since January."

Turkish President Tayyip Erdogan tried to reassure his followers, telling them "GOD is with them" and called for national support.

TAYYIP ERDOGAN TURKISH PRESIDENT "If there is anyone who has dollars, euros or gold under their pillows, they should go exchange it for liras at our banks. This is a national, domestic battle. This will be my people's response to those who have waged an economic war against us."

Meanwhile, Erdogan's son-in-law, the newly appointed Turkish Treasury and Finance Minister, Berat Albayrak, announced a new economic model on Friday. Speaking to an audience of businesspeople, he emphasized that the Turkish Central Bank would be independent under his leadership.

BERAT ALBAYRAK TURKISH TREASURY AND FINANCE MINISTER "The absolute independence of this specific monetary policy continue going forward. Because when you look at the whole framework, the central bank's independence is critically fundamental regarding our economy."

Many foreign investors are concerned Erdogan will interfere in the country's monetary policies under a system that gives him new executive powers. Erdogan describes interest rates as "the mother and father of all evil" and frequently calls for low interest rates, something that many economists disagree with.

In the newly-announced economic model, Albayrak said steps would be taken to secure economic growth of three to four percent in 2019 and bring down inflation rates. Yet, while Turkish officials were making statements to boost confidence, U.S. President Donald Trump announced he would be doubling the rate of tariffs on steel and aluminum imports. The Turkish Lira had already tumbled during the week after talks between U.S. and Turkish officials regarding the detention of an American pastor ended with no resolution. While relations with the U.S. are going downhill, Turkish ties with Russia appear strong; On Friday, Erdogan held a phone call with Russian President Vladimir Putin focusing on bilateral cooperation and regional issues. Russian Foreign Minister Sergey Lavrov is expected to visit Ankara next week. Michal Bardavid, CGTN, Istanbul.