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Turkey’s inflation ticks up to 62%

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Turkish President seeks to ease concerns over weakening currency

Posted On 8 August 2020

Article sponsored by MEA Risk LLC

President Recep Tayyip Erdogan brushed off concerns over the weakening value of the Turkey’s currency on Friday, saying that the fluctuations against the dollar and euro were temporary and that the economy would emerge stronger. The lira hit a record low of 7.29 against the dollar and 8.64 to the euro on Thursday, losing more than 3 percent of its value. “These are temporary things, such fluctuations always happen,” Erdogan told reporters in Istanbul after Friday prayers. “Things will improve.”

The novel coronavirus pandemic struck Turkey hard just as the country was seeking to recover from its first recession in a decade. After the lira’s losses, Turkey’s central bank said Thursday it would use all available instruments to maintain its price and financial stability objectives.

On Friday at 1200 GMT the lira was trading at 7.24 against the dollar and 8.55 against the euro. Erdogan said Turkey would emerge stronger from the current situation. “Today we are stronger than yesterday and tomorrow we will become even stronger.”

AFP

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