Our economy will get through volatility unhurt: Erdogan

ANKARA

Recent volatility in Turkish markets after the surprising U.S. election result will not have a significantly negative effect on the country’s economy, President Recep Tayyip Erdogan said Friday.

Speaking in the capital Ankara at the ribbon-cutting for OTONOMI, a comprehensive automobile market including sales, maintenance, insurance, rentals, and used cars, Erdogan said volatility due to the rising value of foreign currency will not have an negative impact on the economy.

"Don't worry, we will foil someone's tricks on this issue in short order. They tried the same tricks before, back in 2007-2008. I'm repeating what I said back then: this will be a footnote to our economy," said Erdogan, and added, "Today's Turkey is three times richer than it was 14 years ago."

About the rising U.S. dollar/Turkish lira rate over the last 48 hours, Erdogan called on Turkish citizens to convert their foreign exchange savings into lira and gold to help boost the value of the local currency.

Citing his frequent push for lower interest rates, Erdogan said many developed economies such as those in the U.S., EU countries, and Japan use ultra-low interest rates, while Turkish investors and consumers suffer from high rates.

“Why on earth do our interest rates hover around 14, 15, or 16 percent while they had such low rates? We will break ground for investors with low interest rates. High rates provide benefits to the finance sector [instead of the real sector]. I also say this for state lenders.” Erdogan said.