Observers read in the Turkish President's speech strong support for the national currency and livelihood security (AFP)Improvement Turkish currency exchange rateOn Monday night, it increased from 17.6 pounds to the dollar to about 13.2 pounds to the dollar, following President Recep Tayyip Erdogan's speech, in which observers saw an affirmation of the state's support "with all its strength" National economy The lira and the livelihood of the Turks.
Erdogan emphasized that “Turkey will no longer be a country that entrusts its economy and policy to foreign countries” through IMF programs.
Erdogan said, in a speech after the Turkish government meeting today, Monday: “If Turkey is going to jump in the economy, it is time to take action, and I invite everyone who has the money and the ability to finance to invest and produce.”
He pointed to the use of new tools in order to control exchange rate fluctuations, stressing that “it will not be allowed to take any steps that would halt investments, reduce job opportunities, reduce production or impede national exports.”
“This country will no longer be a paradise for those who add money to their money with high interest, and this country will not be a paradise for imports,” he added. He also stressed that “Turkey has neither the intention nor the need to retreat even the slightest step from the free market economy and the foreign exchange system.”
He also said that “with the interest rate cut, we will all see how inflation will start to decline in a few months,” noting that the government will give companies that find it difficult to set prices due to exchange rate fluctuations, forward exchange rates from the Central Bank of Turkey.
He continued, “We all know that there are 5,000 tons of gold and 280 billion dollars hidden under the pillow in our country,” stressing that “the government understands all citizens affected by the recent conditions, and that it welcomes any criticism directed in good faith.”
On the other hand, Erdogan said that the state will increase its contribution percentage from 5% to 30% in order to increase the attractiveness of individual retirement. The government will also reduce the withholding tax on dividends paid by companies to 10%.
And the price of the lira fell to more than 17.8 against the dollar today, to its lowest price ever, due to speculation and the reduction of the bank interest rate, and the direct intervention of the Central Bank, which ended with raising the minimum wage at the highest rate in the country.
The decline in the price of the Turkish currency has continued since last Thursday, after the decision of the Monetary Policy Committee of the Central Bank to reduce the bank interest rate by 100 basis points on repurchases (repo) operations for a week, to become 14%, which prompted the bank to continue the direct intervention that it started at the beginning of this month. Selling the dollar in the market to curb the deterioration of the currency.
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