Erdogan blames US for lira decline, economic pressure

Politics 9/14/2018, 11:55 AM
Erdogan blames US for lira decline, economic pressure

Turkish President Recep Tayyip Erdogan accused the United States of an economic attack on Friday. Speaking at a Justice and Development Party meeting, he blamed this year's lira decline on the administration of US President Donald Trump, claiming the exchange rate rise cannot be explained by economic reasons. Erdogan warned the recent economic fluctuation in Turkey showed no country in the world was safe politically and economically.

The Turkish president said the central bank raised the interest rates considerably, adding that "we will see the results of [the bank's] independence." He has been a vocal opponent of the measure, stating that raising interest rates means "exploitation" and that everyone would lose. The head of the Turkish state also encouraged his citizens to convert all savings into the lira.

Breaking the News / MD



Chart for: USD/TRY Spot


Chart for: EUR/TRY Spot