President Recep Tayyip Erdoğan has said there is no economic crisis in Turkey, describing the situation as “mere manipulation,” saying Turkey is richer and more effective than it was 20 years ago, the Hürriyet Daily News reported.
“There is no crisis, do not be fooled by that. This is all manipulation. There is no crisis here. We are marching towards the future and becoming stronger every day. We will become even stronger,” Erdoğan said at a conference for a Veterans Day event on Wednesday.
His comment came amid the 40 percent depreciation of the Turkish lira against the US dollar since the beginning of the year and the central bank raising the benchmark interest rate to 24 percent to fight inflation.
Erdoğan reiterated that the lira’s plunge is the result of an “international attack on Turkey,” stating that “Turkey is richer and more effective than it was 20 years ago.”
He also referred to a recent presidential decree that stipulates a change in the law regarding the protection of the Turkish currency under which residents of Turkey must make commercial agreements such as property contracts in lira.
“From now on, rent in Turkey cannot be in US dollars. The lira will be used in Turkey now. Otherwise, they will pay the price,” he said.
“You will rent in lira and make your purchases in lira,” he said, adding that “certain necessities are another subject.”