No crisis in Turkey, all manipulations: President Erdoğan

ANKARA

President Recep Tayyip Erdoğan said there is no economic crisis in Turkey, describing the situation as “mere manipulations,” and said Turkey is richer and more effective than it was 20 years before. 

“There is no crisis, do not be fooled by that. These are all manipulations. There is no crisis here. We are marching towards the future and becoming stronger every day. We will become stronger,” Erdoğan said at a conference for a Veteran’s Day event on Sept. 19.

His comment came amid the 40 percent depreciation of the Turkish Lira against the United States dollar since August and the Central Bank raising the benchmark lending rate to 24 percent to fight inflation.

Erdoğan reiterated his rhetoric that the lira’s plunge is a result of an “international attack to Turkey,” stating that “Turkey is richer and more effective than it was 20 years ago.”

He also underlined the recent presidential decree, which stipulates a change in the law regarding the protection of Turkish currency, by which it was obliged for those who are currently residing in Turkey to arrange the contract value of their commercial agreements on the lira.

“From now on, rent in Turkey cannot be in U.S. dollars. The lira will be active in Turkey now. Otherwise, they will pay the price,” he said.

“You will rent in liras and make your purchases in liras,” he said, adding “certain necessities are another subject.”