Erdoğan: Do Not Resort to Buying Foreign Currency, I Would Implement Plans B-C

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President and Justice and Development Party (AKP) Chair Recep Tayyip Erdoğan spoke about the recent economic developments in the country at the "Business World and Non-Governmental Organizations Meeting" in Trabzon yesterday (August 12).

Addressing the industrialists, Erdoğan said, "Do not rush to the banks to buy foreign currency. Otherwise, I would have to implement the plans B and C."

"I would have to implement plans B and C"

Here are some of the highlights from Erdoğan's speech:

"Relying on their size, some try to bring our country to its knees and think that they can shake our economy with the weapon of foreign exchange. They believe that they can intimidate us with economic sanctions.

"Do not rush to the banks to buy foreign currency there. Please do not resort to saying, 'We have gone bankrupt, we have been ruined, let us play it safe.'

"If you resort to such ways, you will make a mistake. You should know that it is not only a duty of ours to keep this nation alive and on its feet. It is also a duty of the industrialists as well as a duty of the merchants. Otherwise, I would have to implement the plans B and C. You should know that.

"I hear such news that some people do not sell their products. What do you mean by not selling your products? They are hoarding their products in warehouses, what does it mean? If you do not sell them, you should also pay the price for it. Because I view such an act as treason as well."

US Dollar was almost 7.70 TRY at banks

At the evening hours yesterday, the exchange rate of US Dollar was almost 7.70 Turkish Lira on the websites of the banks.

The rate, at which banks purchased US Dollar, was also 6.70 Turkish Lira.

As of 9.52 a.m. today, the exchange rate of US Dollar was 6.82 Turkish Lira. (EKN/SD)