a few seconds agoFree fall: Erdogan addresses Turkish people with milder words
Periskopi(4 years ago)
(4 years ago)Turkey's president, Rexhep Erdogan, said on Friday that Turks should keep all savings in the lira and that the latest exchange rate instability is largely under control, as the lira dropped significantly in the past two months. I want all my citizens to keep savings in money [...]
I want all my citizens to keep savings in our money, manage all their businesses with our money and recommend this”, the Turkish president said in a speech he gave in Istanbul.
Let's not forget this: since we don't take our money as a reference point, we're doomed to be flooded. Turkish lira, our money, this is what we're going with. Not with this foreign currency, with that foreign currency”, he added.
Addressing a business group, Erdogan also called on Turks to bring gold savings to the banking system and reiterated his stance that the interest rate is causing inflation, Reuters writes.
For some time, we have been holding the battle of protecting the Turkish lira from the high-scale interest and high inflation cycle, and for setting it on the road to growth through investments, employment, production, exports and the current surplus of”, the Turkish president said.
“My friends, please remove this from our books. The interest rate makes the rich and poor poorer”, he added.
Otherwise, the lira marked a decline in value for the fifth day in a row on Friday, weakening the big increase last week.
The currency crisis has been prompted by the Central Bank's decision to lower interest rates, following President Recep Erdogan's pressure to try to boost exports and lending.
