Manipulations aim at casting doubt on Turkish economy, says Erdoğan

ANKARA – Anadolu Agency

Currency manipulations aim to cast doubt on Turkey's strong and solid economy, President Recep Tayyip Erdoğan said on Sept. 2. 

Speaking at Turkey-Kyrgyzstan Business Forum in Kyrgyz capital Bishkek, Erdogan said: “They try to cast doubt on Turkey's strong and solid economy via currency manipulations,” without elaborating.        

Defying the attacks targeting Turkish economy, Erdoğan said Turkey is resolved to establish independence in economy, mainly in defense industry.          

Political tensions between Ankara and Washington had sparked worries in markets in August, after U.S. President Donald Trump threatened to use economic pressure over an American pastor who faces terrorism-related charges in Turkey.        

The president pointed out that dependence on dollar in international trade had become a bigger problem.

“We need to gradually end the monopoly of the dollar once and for all by using local and national currency among us," Erdoğan said.

Political tensions between Ankara and Washington had sparked worries in markets in August after U.S. President Donald Trump threatened to use economic pressure over an American pastor who faces terrorism-related charges in Turkey.

The Turkish lira has been losing its value against the U.S. dollar past several weeks after the U.S. president doubled tariffs on Turkish steel and aluminum.

Referring to the S-400 agreement with Russia, Erdoğan said that "some are disturbed by this“, adding that Turkey does not need permission from anyone to guard its territory.

Last December, Turkey announced it had concluded an agreement with Russia for the purchase of two S-400 systems by early 2020.

This April both parties agreed on early delivery of the systems.

The S-400 is Russia's most advanced long-range anti-aircraft missile system, with the ability to carry three types of missiles capable of destroying targets, including ballistic and cruise missiles.

In June, the U.S. Senate passed a bill prohibiting sales to Turkey o F-35 jets, citing the S-400 purchase as well as Turkey's detention of U.S citizens.

'Invest in Kyrgyzstan'

Speaking about economic relations with Kyrgyzstan, Erdoğan said they were eyeing a foreign trade volume of $1 billion.

The current foreign trade volume stands at almost $500 million, he said, urging Turkish businesspeople to invest in Kyrgyzstan.

“Firstly, I call on Turkish businessmen, Kyrgyzstan is a friend an brother country. Prioritize this country in your investments,” Erdoğan said.

He added that investment in the Kyrgyz market would also appeal to Kazakhstan, Russia and Belarus, which are members of the Eurasian Customs Union.

Erdoğan said that strong relations between the two countries also need a stronger cooperation in the fields of education, development, culture and tourism.

He recalled that since 1993 the Turkish Cooperation and Coordination Agency (TİKA) had established schools and hospitals in the country.