President Tayyip Erdogan said on Friday that Turks should keep all their savings in lira and that recent exchange rate volatility was largely under control after the lira weakened sharply in the last two months.
“I want all my citizens to keep their savings in our own money, to run all their business with our own money, and I recommend this,” Erdogan said in a speech in Istanbul.
“Let’s not forget this: as long as we don’t take our own money as a benchmark, we are doomed to sink. The Turkish Lira, our money, that is what we will go forward with. Not with this foreign currency, that foreign currency.”
Addressing a business group, Erdogan also called on Turks to bring their gold savings into the banking system and reiterated his unorthodox view that interest rates were the cause of inflation..–Reuters
