Turkish President Recep Tayyip Erdogan has urged Turks to keep their savings in Turkish lira and said recent exchange rate volatility is largely under control after the national currency depreciated significantly in the past two months. .
“I want my citizens to keep their savings in the national currency, to do business in the national currency. I recommend that,” Erdogan said in a speech in Istanbul.
“Let’s not forget: if we do not use our currency as a benchmark, we are doomed to sink. We will move forward with the Turkish lira, our currency, not with one currency or another,” the Turkish president added.
In a speech to businessmen, Erdogan also called on Turks to deposit their savings in gold in the banking system and reiterated his nonconformist view that interest rates are the cause of inflation.
“For a long time, we have been fighting to save the Turkish economy from the cycle of high interest rates and high inflation and to put it on the path of growth through investment, employment, production, exports and the current account surplus.” said the President.
“Interest rates when they go down, when they go up. Friends, let’s take that out of our records. Interest rates enrich the rich and impoverish the poor,” he said, citing a source quoted by Agerpres.
Turkish economies have plummeted in recent months due to the collapse of the pound, although it has recovered from a record 18.4 per cent dollar last week after the introduction of a state scheme to protect local deposits from losses. the depreciation in relation to the main foreign currencies.
Read also: Foreigners take advantage of pound collapse and rush to buy cheaper houses in Turkey
Editor : A.A.