UPDATE – 'Manipulations aim at casting doubt on Turkish economy'


By Mehmet Tosun and Ilkay Guder

ANKARA (AA) – Currency manipulations aim to cast doubt on Turkey's strong and solid economy, President Recep Tayyip Erdogan said Sunday.

Speaking at Turkey-Kyrgyzstan Business Forum in the Kyrgyz capital Bishkek, Erdogan said: “They try to cast doubt on Turkey’s strong and solid economy via currency manipulations,” without elaborating.

Defying the attacks targeting Turkish economy, Erdogan said Turkey is resolved to establish independence in economy, mainly in the defense industry.

The president pointed out that dependence on dollar in international trade had become a bigger problem.

“We need to gradually end the monopoly of the dollar once and for all by using local and national currency among us," Erdogan said.

Political tensions between Ankara and Washington had sparked worries in markets in August after U.S. President Donald Trump threatened to use economic pressure over an American pastor who faces terrorism-related charges in Turkey.

The Turkish lira has been losing its value against the U.S. dollar past several weeks after the U.S. president doubled tariffs on Turkish steel and aluminum.

– ‘Invest in Kyrgyzstan’

Speaking about economic relations with Kyrgyzstan, Erdogan said they were eyeing a foreign trade volume of $1 billion.

The current foreign trade volume stands at almost $500 million, he said, urging Turkish businesspeople to invest in Kyrgyzstan.

“Firstly, I call on Turkish businessmen, Kyrgyzstan is a friend and brother country. Prioritize this country in your investments,” Erdogan said.

He added that investment in the Kyrgyz market would also appeal to Kazakhstan, Russia and Belarus, which are members of the Eurasian Customs Union.