A review statement by the Turkish president drops the Turkish lira and threatens the economy A review statement by the Turkish president drops the Turkish lira and threatens the economy
Written by  Jun 02, 2018 - 141 Views

A review statement by the Turkish president drops the Turkish lira and threatens the economy

Turkish President Recep Tayyip Erdogan during his visit to London in early May, where he talked about planning a new financial system and his refusal to raise interest rates and his work to control the central bank in the event he won the presidential election.

These statements caused an economic crisis and affected the price of the Turkish lira, prompted the Turkish president to talk about a plot on the Turkish lira, in an attempt to evade taking personal responsibility for that crisis.

A meeting arranged by Ankara between Turkish officials and investors in London showed that talking about a foreign conspiracy on the Turkish lira was purely false allegations, hiding economic facts that the Turkish government did not want to recognize.

The meeting was held in London recently, the Turkish Deputy Prime Minister Mehmet Şimşek and Central Bank Governor Murat Cetin Kyaya on the one hand, and representatives of investment companies, international and conservative financial on the other hand, the meeting, which was prepared for him the Turkish party in order to save the situation of the Turkish lira after the decline witnessed in Last month.

The newspaper "Yeni Shag" national journalists who met with some investors who attended the meeting, that the aim of the meeting was an attempt by Turkish officials to correct the error in which the Turkish president.

The newspaper quoted an investor as saying that Turkish officials tried to soften the seriousness of President Erdogan's remarks, saying that "in the context of the campaign and targeted the Turkish interior, and that the central bank will remain independent and will raise the interest rate whenever necessary."

He added that the investors' wing was not satisfied with the interventions of President Erdogan in the decisions of the Central Bank of Turkey, and considered that raising the interest rate 3 percent two weeks ago is not enough given the high inflation in Turkey, and put two conditions for the return of confidence in the Turkish market, Interest again 3 percent additional, and pledged to Erdogan not to interfere in the decisions of the Central Bank.

On the other hand, the two Turkish officials pledged to raise interest rates in Turkey but requested more time, but investors insisted on taking this step in June.

The two officials also stressed that they would try to reduce or even stop statements by President Erdogan on the financial policy in Turkey and the work of the Central Bank.

In contrast, the central bank revealed an analytical report on the progress of the collapse of the price of the Turkish lira last month, acknowledged that the main reason was the orientation of citizens and companies residing in Turkey to buy the dollar in an unprecedented way, as the domestic demand for the dollar reached 2.44 billion during the week of the collapse of the lira.

Turkish Foreign Minister Mouloud Chaouchoglu, who was accused two days ago of "foreign forces including Islamic countries waging an economic war against Turkey and manipulating the price of the Turkish lira."

The minister did not provide any evidence of his accusation against the report of the Central Bank of Turkey and analysis of financial and investment portfolios in London, and did not answer the question about the mechanism used by those countries to manipulate the price of the pound.

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