ANKARA: Turkish President Recep Tayyip Erdogan says his country is under an economic “siege” that has nothing to do with its economic indicators.
Addressing Turkish ambassadors in the capital, Ankara, yesterday Erdogan said Turkey would overcome the “attack” on its economy.
He insisted that Turkey's economy remained strong and said the currency would soon settle “at the most reasonable level”.
In an apparent reference to the US, Erdogan said “the bullies of the global system cannot roughly, shamelessly encroach on our gains paid for in blood”. His comments came after authorities launched investigations into hundreds of social media accounts for allegedly helping the currency's plunge.
Erdogan said “economic terror” is being waged on social media, and “traitors” would be punished.
Turkey's foreign minister said the US won’t achieve its aims by exerting pressure and imposing sanctions on Turkey. Mevlut Cavusolgu called on the US to “remain loyal to ties based on traditional friendship and its Nato alliance” with Turkey.
Turkey has been hit by financial turmoil, with the lira plunging over deepening concerns about the government's economic policies and a diplomatic spat with the US.
Angered by the continued detention of an American pastor, the US government imposed sanctions on two Cabinet ministers and threatened more. It also doubled tariffs of steel and aluminium imports.
Meanwhile, Turkey's Interior Ministry said it would take legal action against hundreds of social media accounts provoking a drop in the currency to 7.20 lira against the dollar. It said it had initiated legal investigations against 346 social media accounts “which posted content provoking the exchange rate”. Turkey was hit by a financial shockwave last week as the lira nosedived over concerns about its economic policies and a trade and diplomatic dispute with the US. The Capital Markets Board of Turkey also issued a warning to those spreading “lies or false news or analysis”. - AP