Turkey. Recep Tayyip Erdogan: Turks should keep their savings in the national currency

Turkey. Recep Tayyip Erdogan: Turks should keep their savings in the national currency
Turkey. Recep Tayyip Erdogan: Turks should keep their savings in the national currency

Turks should keep their savings in the national currency, the Turkish lira – this was the appeal made by President Recep Tayyip Erdogan to his countrymen. He argued that the problems with the depreciation of the currency were now under control. He also called for the introduction of gold “stored under the mattress” into the banking system.

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“I want all citizens to keep their savings in our own money, to do all their business with our currency,” said Recep Tayyip Erdogan, speaking in Istanbul on Friday. – Let us not forget that as long as we do not take our own money as a benchmark, we are doomed to sink. The Turkish lira – our money – that is what we will go with – he added. Erdogan also called for the introduction of gold “stored under the mattress” into the banking system, the Daily Sabah reported.

Istanbul residents stroll along the Bosphorus ERDEM SAHIN/PAP/EPA

Deposit protection program

Following the introduction of the new Turkish currency deposit protection program, the value of the lira increased by 50 percent over the week, bouncing off an all-time low of 18.4 lira for a dollar. Turkey’s finance minister, Nureddin Nebati on Wednesday, called on citizens to bring lawsuits against economists commenting on the currency’s decline, who “misled them”. The politician accused specialists commenting on Turkish inflation of waging a “psychological war” of calling for the purchase of gold and dollars in order to save savings in the face of the decline in the value of the Turkish lira. The statement by the finance minister was preceded by the decision of the Turkish banking regulator to file a complaint against more than 20 people, including former central bank governor Durmus Yilmaz, over their comments on inflation in social media, the Daily Sabah reported.

Lira bounces back on President Erdogan’s intervention

Analyst ratings

Analysts associate the decline in the value of the Turkish currency with President Erdogan’s decision to cut interest rates in Turkey, which is contrary to conventional methods of fighting inflation. Erdogan – as he himself argues – wants to increase domestic exports and the level of investments in the country by increasing the money supply. Over the course of 2021, the value of the Turkish currency has fallen by 40 percent.

Main photo source: ERDEM SAHIN/PAP/EPA

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Turkey Recep Tayyip Erdogan Turks savings national currency

 
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