The general manager of Turkey’s İşbank, which is the largest bank in the country, has said ordinary Turkish people who do not earn their income in US dollars or euros, have nothing to do with these currencies.
The remarks of İşbank General Manager Adnan Bali came on Monday during a program on NTV station in the wake of a record fall of the Turkish lira, 7.24, against the US dollar on Monday.
“Nobody should swim in unknown waters. A person who does not have earnings or debt in dollars or euros, should have nothing to do with foreign currency. I did not even buy one dollar for saving purposes. Today and yesterday, too. The reason is this, I earn and spend Turkish lira. My advice is what is the business of aunt Ayşe [a reference to an ordinary Turkish person] with foreign currency?” said the general manager.
According to Bali, the current situation in the Turkish markets cannot be explained with financial reasons and there are attacks on the Turkish economy from abroad.
The Turkish lira has lost more than 40 percent against the dollar this year, largely due to worries about President Recep Tayyip Erdoğan’s influence over the economy, his repeated calls for lower interest rates, and worsening ties with the United States.
On Friday the slide turned into a crash: the lira dropped as much as 18 percent, hitting US and European stocks as investors took fright over banks’ exposure to Turkey.
The post Head of Turkey’s largest bank says ordinary Turks have nothing to do with foreign currency appeared first on Turkish Minute.
from Turkish Minute https://www.turkishminute.com/2018/08/14/head-of-turkeys-largest-bank-says-ordinary-turks-have-nothing-to-do-with-foreign-currency/
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