ZCZC
BCN-16
TURKEY-ECONOMY-LIRA-ERDOGAN
Erdogan urges Turks to sell foreign currency in ‘economic war’
ISTANBUL, Aug 11, 2018 (BSS/AFP) – Turkish President Recep Tayyip Erdogan
called on Turks Friday to support the struggling the lira by exchanging any
foreign money, saying Turkey faced “an economic war”.
“If you have dollars, euros or gold under your pillow, go to banks to
exchange them for Turkish lira. It is a national fight,” Erdogan said in
comments broadcast on national television.
“This will be the response to those who have declared an economic war,”
blaming Turkey’s woes on what he described as an “interest rate lobby”
seeking to push the country to higher rates.
Investors hoping Erdogan’s comments would give some indication that the
government was prepared to support the lira were disappointed with the
currency crashing further in value.
The currency extended its losses to trade at 6.2 to the dollar, a loss of
11.5 percent on the day.
But Erdogan said Turks should not be alarmed by exchange rate movements.
“The dollar, the mollar, will not cut our path,” said Erdogan using a figure
of speech he repeatedly uses to mock something. “Do not worry!”
He said Turkey was not afraid of “threats” and added Turkey had
“alternatives” for economic cooperation in many places “from Iran, to Russia,
to China and some European countries”.
BSS/AFP/HR/1020