Erdogan wants Turks to keep all of their savings in the lira

After the lira depreciated dramatically in the last two months, President Tayyip Erdogan stated on Friday that Turks should preserve all of their money in lira and that recent exchange rate volatility was largely under control.

“I want all of my compatriots to store their savings in our own money and to run all of their businesses with our own money,” Erdogan stated in an Istanbul speech.


“Let’s not forget: we’re bound to collapse as long as we don’t use our own money as a yardstick. We shall proceed with the Turkish Lira, which is our currency. Another’s not the case with this or that foreign currency.”

In a speech to a business group, Erdogan urged Turks to deposit their gold savings in banks and reaffirmed his unconventional opinion that interest rates are the cause of inflation.

“We’ve been fighting for a long time to free the Turkish economy from the cycle of high interest rates and high inflation, and to put it on a road of growth through investment, employment, production, exports, and a current account surplus,” the president stated.

“Interest rates have gone up and down. Please, my friends, take this out of our books. Interest rates enrich the wealthy while impoverishing the poor.”

The lira has rallied from an all-time low of 18.4 against the dollar last week after the establishment of a state scheme to protect local deposits from devaluation losses vs hard currencies, while Turks’ wages have been reduced in recent months due to a drop in the currency.

TRYTOM=D3 was trading at 13.295 at 0943 GMT, down more than 40% this year and by far the poorest performer in emerging markets.


The lira crisis was sparked by the central bank’s aggressive interest rate cuts, which totaled 500 basis points since September and were implemented under Erdogan’s urging in order to encourage credit and exports.


Please enter your comment!
Please enter your name here

Read More

Nick Jonas was hospitalized after suffering an injury!!

Nick Jonas witnessed a hospital fright! Over the weekend, the singer-actor was hurried to a hospital after he experienced an injury on set. According...

Dubai Court sentences Asian man to three years of prison for brutally stabbing girlfriend

An ex-pat, aged 33, has been sentenced by an Asian man to three years of imprisonment in Dubai for stabbing his girlfriend while she was sleeping.

Mona Kattan announces up to 80% off on KAYALI during Cyber Week

Makeup World sensation Mona Monica Kattan recently shared an update on Twitter regarding 'Cyber Week', which provides endless offers on shopping at world-famous brand Huda Beauty, Wishful and Kayali.


Mona Kattan set to launch new KAYALI perfume series

Huda Kattan's sister and Co-Founder & Global President of world-famous makeup brand Huda Beauty and Kayali' Mona Kattan' has recently shared the poster of the new series of scents which are yet to be launched on November 11.

Expo City Dubai invites UAE residents to Join Wings for Life World Run on May 7, 2023

The organization of Expo City Dubai has invited the people of the United Arab Emirates to take part in the Wings for Life World Run to be held on (Sunday) May 7, 2023, at 3 pm.

Every nation providing economic citizenship must have highest possible standards under due diligence: Leviten

A special episode on "The Mechanics of Due Diligence, World in Crisis: Securing Citizenship by Investment" was held by PWM's Financial Times studio, where three leading agencies of Due Diligence participated in a group discussion with Editor in Chief of Financial Journalist at Financial Times's PWM Magazine, Yuri Bender.