Erdoğan says Turkish economy is on fast lane, downplays lira's downfall against USD, euro

Duvar English

Turkish Lira sinks to all-time low against US dollar

President Recep Tayyip Erdoğan has said that the country's economy is on the fast lane, downplaying Turkish Lira's sharp fall against dollar and euro.

"Turkey is on the rise economically, but there are those who don't want to see that," Erdoğan told reporters after attending Friday prayers at Hagia Sophia on Aug. 7.

"No one should try to deceive the public. We're stronger than yesterday," he added.

Turkey's lira hit a record low of 7.32 against the dollar after losing nearly 19 percent against the greenback so far this year, with growing concern that state efforts to stabilize the currency could fizzle and spark bigger problems for the country's economy.

While experts voice concern on the situation, Erdoğan claimed that the "zigzags" in the economy can be seen around the world following the coronavirus (COVID-19) pandemic.

'Treasury steals from Turkey's future to make by today'

"These fluctuations are normal," he also said.

During his speech, Erdoğan said Turkey's GDP and other indicators, such as car and home furniture sales, and foreign exchange reserves had increased since he came to power in 2002.

Strikingly, he gave refrigerator sales as an example to the economy's current "climb," saying that 1,088,000 fridges were sold in 2002, whereas the number increased to 2,406,000 in 2019.

He also slammed those who called for Treasury and Finance Minister Berat Albayrak, who is also Erdoğan's son-in-law, to resign.

"Don't take the slander campaigns against my minister into account," he said.