ANKARA - Turkey must restore its economic credibility if it hopes to secure needed foreign funding and return to growth, said President Tayyip Erdogan’s former economy czar who recently broke away and founded his own party.
Babacan said in an interview with Reuters that Turkey risks another slump in the lira unless it can access fresh sources of foreign exchange, after the currency fell to a record low last month, but that trust in its economic institutions had eroded. “The institutions had already lost their credibility,” he added. “You can dictate onion prices...but you cannot dictate the foreign exchange price, that’s not how the international markets work.”
The lira has been hit by fallout from the coronavirus pandemic and investor concerns over depleted net FX reserves and the country’s relatively high foreign debt obligations. Ankara won some support when Qatar tripled an existing currency swap line to $15 billion last month.
Source: Financial Digest (financialdigest.net)
Erdogan_war_criminal
Better to borrow from non-western countries than ECB. Also, Turkey has been making good progress under Erodgen - great handling of covid19
Malaysia too. Anwar is our only hope anwaribrahim pakatanharapan_ guanenglim MSabu_Official KEADILAN dapmalaysia PartiAmanah
not that easy. they are bloodsucking the industry also now. politicians family owned is growing 2 much... check stats. Ben Ali His Niece = Erdogan.
This will not happen because Erdogan does not care that he seeks glory for himself only because Turkey does not care about him
Reklam olduk yine :)
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