President Erdogan’s chief economic advisor Cemil Ertem has commented on the recent volatility in the Turkish Lira.
Ertem stated that the downfall of Lira was due to lack of depth in the currency markets and was mainly driven by foreign demand. “It is not a coincidence that it took place right when the amendment on the constitution is being debated in the parliament.This is clearly a deliberate attempt to devalue the Turkish Lira rather than a conspiracy theory. “
The chief economic advisor also claimed that the US has catalyzed the rapid rise of dollar in the global markets by voicing various economic concerns to consolidate the return of USD to the country.
Cemil Ertem talked on the steps taken to improve and provide depth to Borsa Istanbul as well as the actions taken on empowering the Central Bank to ensure independent monetary policy, arguing that the Bank has never been as independent as it has been now in its history. He pointed out that these institutional changes needed time to be effective and is also dependent on other institutions such as BDDK (Banking Regulation and Supervision Agency) and SPK (Capital Markets Board) which are under overhaul.
Çeviri : Onur E.Edit: Maxim Baker