Jul 11 2018

Erdoğan says Turkish lira will definitely gain

Turkish President Recep Tayyip Erdoğan said he was sure that the lira will gain against the dollar, according to BBC Turkish.

Erdoğan made the comments on his plane on the way to a NATO summit in Brussels on Tuesday.

“About the dollars rise: I am saying with certainty that it will fall,” he said, according to the television channel.

Erdoğan added that his government would not act on the economy according to the wishes of the foreign media.

Turkey’s lira has lost about 20 percent against the dollar this year amid a general sell-off in emerging markets and after Erdoğan introduced economic stimulus and said he’d lower interest rates to boost the economy. The central bank has since raised rates by 425 basis points to 17.75 percent to help stem further losses and pare inflation, which stands at 15.4 percent.

The lira fell 1.9 percent to 4.79 per dollar on Tuesday, extending a decline this week on news that Erdoğan had chosen his son-in-law, Berat Albayrak, as minister in charge of the Treasury and Finance Ministry. Erdoğan also passed a decree giving himself sole authority to appoint the central bank governor and his deputies.

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