FX.co ★ Erdogan says Turkey’s economic turmoil is over

President of Turkey Recep Tayyip Erdogan believes the country’s economy is performing better than ever. The rate of lira growth is almost as high as the rate of growth in the wealth of the country's population thanks to the president’s governance. In a speech to parliament members of the ruling Justice and Development Party, the president of Turkey congratulated the audience on the successful implementation of the measures developed by his government to curb the economic crisis. He said that the country had passed the difficult times of collapsing lira. “Turkey is heading towards a historic crossroad,” Erdogan said, adding “that does not mean that we don’t have difficulties. We will very quickly leave behind the obstacles stemming from currency volatilities and exorbitant price hikes.” “It is time to reap the rewards of our efforts and show that we are getting closer to our goals step by step,” the president stressed. Notably, the government introduced emergency measures to combat the collapse of the national currency, which has depreciated by half since January. However, the new rescue plan insists on low key rate policy and the government does not intend to hike the rates. According to economists, this may be a reason for the lira's decline.