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Erdogan sends SOS: Turks should save Lira with their gold

2021-03-26T05:17:20.596Z

In the fight against the plunge in the Turkish lira, nervousness is growing in the country. Now the Turkish President Erdogan wants to make his compatriots responsible with an unusual proposal. 



In the fight against the plunge in the Turkish lira, nervousness is growing in the country.

Now the Turkish President Erdogan wants to make his compatriots responsible with an unusual proposal. 

Ankara - After the recent crash of the Turkish lira, Turkish President Recep Tayyip Erdogan turned to his compatriots with a dramatic cry for help.

The Turks should invest their foreign currency and gold holdings to stimulate the economy, Erdogan said.

His appeal is directed at citizens "who keep foreign currency and gold at home just to feel safe".

At the party congress of his Islamic-conservative ruling party, the AKP, Erdogan said in Ankara: “From these, my citizens, I want them to invest the foreign exchange and the gold in their homes, which is our national property, in various financial resources and thus in the economy and Bring in production. ”He also called on investors to trust Turkey.

Erdogan: Dismissal of the central bank president shocks investors

At the weekend Erdogan shocked many investors with the dismissal of the Turkish central bank president Naci Agbal *.

The lira slumped against the US dollar by 15 percent at times, the stock market index Bist 100 lost almost 10 percent.

Agbal had only been appointed head of the central bank in November and, during his short term in office, had regained confidence in Turkey's fickle monetary policy.

By raising interest rates, he had stabilized the lira, which had previously fallen sharply, although President Erdogan is a staunch opponent of high interest rates.

Erdogan appoints a follower to head the central bank

The most recent interest rate hike by two basis points to 19 percent is likely to have been Agbal's undoing.

The new head of the central bank, Sahap Kavcioglu, is a former member of Erdogan's AKP and the fourth central bank president within two years.

The Turkish lira had already lost a good 20 percent against the US dollar last year.

For the population, this loss of value is reflected in horrific inflation.

In February it was almost 16 percent.

(dpa / utz) * Merkur.de is part of IPPEN.MEDIA.

Source: merkur

All news articles on 2021-03-26

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