Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 6 hours, 13 minutes ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
HOME LOCAL MIDEAST ASIA WORLD BUSINESS SPORT OPINION WRITERS
Turkey’s Erdogan dismisses lira fears, says ‘we have our God’
August 10, 2018
 Print    Send to Friend

ANKARA: Turkish President Tayyip Erdogan has dismissed concerns over the tumbling lira, calling on Turks to “have no worries,” after the currency hit record lows in recent weeks on the back of a widening rift with the United States.

Ankara and Washington, NATO allies, have been at loggerheads over the detention in Turkey of US evangelical pastor Andrew Brunson on terrorism charges, prompting US sanctions on two of Erdogan’s ministers and threats of trade restrictions.

Early on Friday, the lira hit a new record low, plunging to as far as 6 against the US dollar after a Turkish delegation returned from talks in Washington on Thursday with no apparent solutions to an ongoing crisis.

Speaking to supporters in the Black Sea province of Rize late on Thursday, Erdogan brushed off concerns over the currency as campaigns against Turkey.

“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,” he said.

The recent sell-off in the lira has been fuelled by investor concerns over Erdogan’s grip on monetary policy under a new powerful executive presidency and the ongoing row with the United States.

Erdogan, a self-described “enemy of interest rates,” wants banks to lend cheap credit to fuel growth, but investors fear the economy is overheating and could be due for a hard landing.
 
They are also concerned over the central bank’s ability to rein in persistent double-digit inflation with the president repeatedly calling for lower rates.

Last week, Erdogan called on citizens to convert their hard currency and gold into lira in order to prop up the plunging currency with a “domestic and national stance.”

The unorthodox approach of the president, who has dominated Turkish politics for more than 15 years, has unnerved investors who have voiced concerns over Turkey’s authoritarian trajectory under Erdogan. 

Reuters

Add this page to your favorite Social Bookmarking websites
Comments
 
Post a comment
 
Name:
Country:
City:
Email:
Comment:
 
    
    
Other Latest News
Turkish lira firms on hopes of improving US ties
ANKARA: Turkey’s lira and stocks rose on Monday on hopes of a thaw in relations between Ankara and Washington while a late rally last week on Wall Street offered little r..
Turkey detains 5 over migrant truck crash
ISTANBUL: Turkish authorities on Monday detained five people in connection with a deadly migrant truck accident in which 22 people were killed, reports said. Among tho..
Iran embassy in Ankara receives ‘bomb threat’
ANKARA: An individual who claimed to have links to the Daesh extremist group threatened to attack the Iranian embassy in Ankara, Tehran’s envoy in Turkey said on Monday, ..
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright