News ID: 219793
Published: 0224 GMT August 13, 2018

Erdogan: Turkey would overcome “attack” on its economy

Erdogan: Turkey would overcome “attack” on its economy

Turkish President Recep Tayyip Erdogan said his country is under an economic “siege” that has nothing to do with its economic indicators.

During an address to Turkish ambassadors in Ankara, Erdogan said on Monday that Turkey would overcome the “attack” on its economy, AP reported.

He insisted that Turkey’s economy remains strong and said the currency would soon settle “at the most reasonable level”.

In an apparent reference to the US, Erdogan said “the bullies of the global system cannot roughly, shamelessly encroach on our gains that were paid for by blood.”

The Turkish president’s comments came after authorities launched investigations into hundreds of social media accounts for reports they claimed were helping the currency’s plunge.

Erdogan said there is an “economic terror” being waged on social media, adding that “traitors” would be punished.

Turkey’s Central Bank announced on Monday a raft of measures aimed at calming markets rattled by the precipitous plunge of the Turkish lira, but the currency again plunged on the back of comments by the president, AFP reported.

Also Turkey’s Foreign Minister said the US won’t achieve aims by exerting pressure and imposing sanctions on the country.

Addressing the conference of Turkish ambassadors, Mevlut Cavusolgu called on the US to “remain loyal to ties based on traditional friendship and the NATO alliance” with Turkey.

Cavusoglu said: “We support diplomacy and negotiations but it is not possible for us to accept impositions.”

The dispute between NATO allies Turkey and the United States – which reached a new intensity over the detention of an American pastor – has hammered the lira and raised questions over the future partnership between Washington and Ankara.

It caused global market jitters last week as investors fretted over potential economic contagion from Turkey, particularly to European banks.

The already embattled Turkish lira tumbled some 16 percent against the dollar on Friday as US President Donald Trump said he had doubled tariffs on steel and aluminum from Turkey.

In European trade on Monday, the lira was trading at 6.88 to the dollar, a loss of another 7.0 percent on the day but recovering from even sharper losses in earlier Asian trade where it struck a record low of 7.2362 to the dollar.

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