Erdogan rejects fears of Lira, said, “we have our God”

  • Erdogan rejects fears of Lira, said, “we have our God”
    Independent.t. E.
    President Recep Tayyip Erdogan has rejected concerns about the tumbling Lira, urging the Turks to “no worries”, after the currency hit a record low over recent weeks amid growing gap with the United States.
    https://www.independent.ie/business/world/turkeys-erdogan-dismisses-lira-fears-says-we-have-our-god-37202717.html
    https://www.independent.ie/business/world/article37197624.ece/2d139/AUTOCROP/h342/2018-08-09_bus_43121546_I1.JPG

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President Recep Tayyip Erdogan has rejected concerns about the tumbling Lira, urging the Turks to “no worries”, after the currency hit a record low over recent weeks amid growing gap with the United States.

Ankara and Washington and the NATO allies have been at odds with the detention in Turkey of us Evangelical pastor Andrew Branson on charges of terrorism, which caused the US sanctions, two Ministers and Erdogan’s threats of trade restrictions.

On the morning of Friday, the Lira hit a new record low, plunging to 6 against the US dollar after the Turkish delegation returned from talks in Washington on Thursday with no visible solutions in the context of the ongoing crisis.

  • Read more: Turkey ink fever as the crisis leads to speculation salvation

Speaking to his supporters in the black sea province of Rize in the late evening on Thursday, Erdogan dismissed concerns about currency as a campaign against Turkey.

“There are different campaigns. Not heed them,” said Erdogan.

“Don’t forget, if they have your dollars, we have our people, our God. We work hard. Look at what we were 16 years ago and look at us now,” he said.

Latest sales in Lira fueled investor concerns about Erdogan’s grip on monetary policy under the new strong Executive power and the ongoing scandal with the United States.

Erdogan, who calls himself “the enemy of interest rates”, wants the banks started to lend more cheap credit growth, but investors fear the economy is overheating and could be due to a hard landing.

They are also concerned about the ability of Central Bank to rein in persistent double-digit inflation, the President has repeatedly called for lower rates.

Last week, erdoğan called on citizens to convert their currency and gold in the Lira in order to support the plunging currency, “internal and national position.”

The unorthodox approach of the President who has dominated Turkish politics for more than 15 years, has unnerved investors who have expressed concerns about the authoritarian trajectory of Turkey under Erdogan.

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