Turkey’s Erdogan blames Washington for ‘heinous economic attack’

Turkey’s Erdogan blames Washington for ‘heinous economic attack’

Mubasher: Turkish President  RecepTayyip Erdogan on Friday blamed the US for Turkey falling under a “heinous economic attack” following statements from Washington.

“We have faced a heinous attack targeting the Turkish economy after a series of negative statements from the U.S. about our country were used as an excuse,” Erdogan stated at a speech to officials from his AK Party in Ankara.

Moreover, Turkey would see the result of the central bank’s independence, after substantially hiking its benchmark rate a day earlier, Erdogan said.

Erdogan also resumed his criticism of the central bank.

“It’s currently my phase of patience but there is a limit to this patience,” he said.

The Turkish president for long has described the interest rate hikes as the “father and mother of all evil.”

On Thursday, the Turkish Central Bank (CBRT) raised the one-week repo rate from 17.75% to 24%, after the inflation hit nearly 15-year peak at 17.9%.

The Turkish lira (TRY) gave up gains on the remarks, trading at TRY 6.1058 at noon in Istanbul.

By 10:11 am GMT, the USD/TRY pair rose 0.47% to 6.1104.

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Source: Mubasher