Wednesday, December 7, 2016

Decline of the Turkish Lira: Erdogan makes the foreign responsible n-tv.de NEWS

Wednesday, 07. December 2016

Since the beginning of the year, the Turkish Lira is losing its value, in November, the development got worse. President Erdogan is now foreign speculators responsible and draws a comparison with the fight against the IS.

The Turkish President Recep Tayyip Erdogan tightened up the sound due to the turbulence of the currency, the Turkish Lira. “Our economy has come to the attention of foreign currency speculation,” Erdogan said. For the price decline, there is no economic reasons for this.

At the same time, Erdogan drew Parallels to the fight against the terrorist militia Islamic state (IS). “There is no difference between the Turkish al-Bab-use and the efforts to stop currency speculation,” he said, referring to the Turkish military presence in Northern Syria, where the IS marketed to be. Currency speculators and military opponents would try to divide Turkey “and destroy,” Erdogan said.

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The Lira has lost since the beginning of the year up to a fifth of its value in November, so badly beaten as they have since the global financial crisis of 2008. Since the Turkey has to import a lot of Goods and raw materials, fuel imports, thus more expensive, and Inflation. Erdogan called on, therefore, once again, to exchange foreign currency in Gold or in the national currency, the Lira, in order to stabilize the di currency.

The Ministry of defence to be moved as a result more than 262 million dollars and 31 million euros in Lira. Turkey wants to allow also the trade with China, Russia and Iran in local currencies.

experts for the decline of the Lira, among other things, the uncertainty after the failed military coup in July and the subsequent crackdown Erdogan’s against a supposed coup in the entire country. In addition, the prospect of rising US interest rates and the tourism slowdown suppressed after the bomb attacks in the country of the currency.

source: n-tv.de

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