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Erdogan urges Turks to keep savings in local currency

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Turkish President Recep Tayyip Erdogan on Friday urged Turks to keep all their savings in lira, and said the recent exchange rate volatility had been largely under control after the lira was overrun. The lira has fallen sharply over the past two months.

“I want all citizens to keep their savings in our currency and run their businesses in our currency and I recommend that,” he said in a speech in Istanbul.

He added: “Let us not forget that: as long as we do not take our currency as a basis, we are doomed to drown. Turkish lira, our moneyThat’s what we’re going to do, not with this or that foreign currency.”

Speaking to a business group, Erdogan also called on Turks to bring their gold savings into the banking system, and reiterated that interest rates are a cause of inflation.

He said, “For some time, we fought a war to save the Turkish economy from the cycle of high interest rates and inflation and put it on a growth path through investment, employment, production, exports and current account surplus.”

He continued, “Let’s keep low or high interest rates out of our calculations. Interest rates make the rich richer and the poor poorer.”

The savings of Turks have decreased in the past months because of The depreciation of the lira and reaching its lowest levels At 18.4 against the dollar last week, it recovered after announcing a government program to protect domestic deposits from depreciation losses against foreign currencies.

The lira recorded 13.295 against the dollar at 09:43 GMT, and it is still down more than 40% since the beginning of the year, to be the worst performer with a wide difference among the currencies of the rest of the emerging markets.

Salman Sahr

Salman is a journalist at UsamaSpeaks.com and he deals with Latest News, World News, and Business News. Salman is a very professional and authentic news journalist.

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