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Erdogan urges Turks to sell more forex to stem lira falls
December 9, 2016 / 11:43 AM / a year ago

Erdogan urges Turks to sell more forex to stem lira falls

ISTANBUL, Dec 9 (Reuters) - President Tayyip Erdogan called on Turks on Friday to step up their sales of foreign currency to buy lira, saying their efforts so far to defend the Turkish currency from sharp falls were insufficient.

In November, the lira saw its worst monthly performance since the 2008 financial crisis, hit by the surging dollar and concerns about political stability after a failed July coup. Erdogan last week urged Turks to sell forex and buy lira.

Speaking to reporters after Friday prayers, he said he expected the government and central bank to be more sensitive about interest rates in the coming period and asked citizens not to give credence to the “interest rate lobby”.

The Turkish leader has used the term “interest rate lobby” in the past to refer to international speculators who he says are making quick profits from high interest rates at the expense of Turkey’s economic health.

Reporting by Daren Butler and Ece Toksabay; Writing by Humeyra Pamuk; Editing by Nick Tattersall

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