Tayyip Erdogan, Turkey President, on Friday again blamed the U. S. for what he called a “heinous economic attack” that has sent the lira tumbling some 40 per cent this year. At a speech to officials from his AK Party in Ankara, Erdogan said Turkey would see the result of the central bank’s independence after its substantial rate increase a day earlier. On Thursday the central bank lifted its benchmark rate by 6.25 percentage points.
He also said Turkish ministries were reviewing investment plans and will not consider making further fresh investments, although investments which are 70 to 80 percent finished will be completed.
Erdogan also said his patience with interest rates had limits. He called on Turks to convert all savings to lira, and said the private sector must not give up on production and investments.The warning came after his U.S. counterpart, Donald Trump, escalated a feud by doubling tariffs on metals imports.
Newsbreak.ng reports that on Augugust 11, Erdogan accused the U.S. of waging economic “war” on Turkey amid a downturn that has seen the currency plunge.