Urging Turks to keep their savings in lira.. Erdogan: We are intensifying our efforts to consolidate our new economic model

Turkish President Recep Tayyip Erdogan has urged citizens to keep their savings in lira, and stressed that the government is intensifying its efforts to consolidate its new economic model.

“I want all citizens to keep their savings in our currency, and run their businesses in our currency, and I recommend that,” Erdogan said – in a speech in Istanbul today, Friday.

“Let’s not forget it: as long as we don’t take our currency as a basis, we are doomed to sink. The Turkish lira, our money, that’s what we’re going to do, not with this or that foreign currency,” he added.

Erdogan also called on Turks – during his speech to a group of businessmen – to enter their gold savings into the banking system, and reiterated that interest rates are the reason behind inflation.

He warned that interest rates make the rich richer and the poor poorer.

Turks’ savings have shrunk in recent months due to the depreciation of the lira and it reached an all-time low of 18.4 against the dollar last week, but it recovered after the announcement of a government program to protect domestic deposits from depreciation losses against foreign currencies.

The Turkish president stressed that his government is intensifying its efforts and harnessing all capabilities to consolidate and develop the new economic model, based on stability and the promotion of employment.

He added that the government’s goal is to establish a climate of stability and trust so that citizens and companies can plan for the future in terms of saving and investment, whether after a month, 6 months, a year or 3 years.

He expressed his confidence that companies will increase their profits in the new system, contribute to achieving a surplus in the current account, and get closer to achieving the country’s goals, by providing more job opportunities and increasing investments.

Erdogan added: We see indications that our citizens and companies will speed up their return to our national currency starting from the New Year.

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