Time in Yerevan: 11:07:36,   23 April

Turkish lira continues depreciating: Erdogan calls on citizens to sell dollars and Euros

YEREVAN, AUGUST 13, ARMENPRESS. Turkey’s lira pulled back from a record low of 7.24 to the dollar on August 13 after the central bank pledged to provide liquidity and cut reserve requirements for Turkish banks, but its meltdown continued to rattle global markets, Reuters reported.

The lira dropped as much as 18% against the dollar during 2018.

Turkish finance minister said the country’s leadership would start implementing an economic action plan. “From Monday morning onwards our institutions will take the necessary steps and will share the announcements with the market,” he said.

Albayrak said budget discipline would be the most important foundation of Turkey’s new economic approach, and fiscal rules would be implemented for targeted indicators if necessary.

The minister said the plan has been developed for banks and real economy, including small and medium businesses which are most affected by the foreign exchange fluctuations. Despite the minister’s statements, the Turkish lira continues depreciating.

Turkish President Recep Tayyip Erdogan said Turkey is at the target of economic war. He called on the Turkish citizens to sell their dollars and Euros to contribute to strengthening the national lira and dismissed the reports according to which Turkey faces economic crisis.

After this call, a group of Turkish citizens protested against the dollar.

Washington has imposed sanctions on Ankara for imprisonment of American pastor Andrew Brunson. As a result of the US recent tough policy on Ankara, the Turkish lira has drastically dropped, the prices of goods started increasing.  

Edited and translated by Aneta Harutyunyan

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