Aug 09 2018

Erdoğan promises businessmen end to Turkey’s economic crisis

Turkish President Recep Tayyip Erdoğan has promised a delegation from the Union of Chambers and Commodity Exchanges of Turkey (TOBB) the country’s current economic crisis will soon come to an end, economy focused news site BusinessHT said.

Inflation is edging towards 20 percent and Turkey’s currency has fallen to record lows below 5 lira to the dollar due to lack of investor confidence in the independence of the central bank and Erdoğan’s unorthodox economic views. That has been exacerbated by U.S. sanctions on two Turkish ministers over Turkey’s two-year detention of an American pastor and other U.S. citizens.

“Everything will get better within a reasonable time, the markets will calm down. Do not worry at all, it will all pass,” the site summarised Erdoğan as saying.

The palace meeting, which took one hour and 40 minutes, included Erdoğan’s son-in-law, Treasury and Finance Minister Berat Albayrak, Family, Employment and Social Services Minister Zehra Zümrüt Selçuk, and Trade Minister Ruhsar Pekcan.

The businessmen and trade unionists included TOBB president Rifat Hisarcıklıoğlu, Turkey Confederation of Employers’ Unions (TİSK) president Kudret Önen, Hak-İş Confederation president Mahmut Arslan, Turkey Shopkeepers and Tradesmen’s Confederation (TESK) president Bendevi Palandöken, the Confederation of Public Servant Unions (MEMUR-SEN) president Ali Yalçın and the Confederation of Turkish Public Workers (KAMU-SEN) president Önder Kahveci.

Erdoğan told the delegation that both the private sector and ordinary citizens knew that recent economic problems stemmed from targeted attacks from outside and that they would soon pass.

Separately, Erdoğan met his Culture and Tourism Minister Mehmet Ersoy and Union of Turkish Travel Agents (TÜRSAB) chairman Firuz Bağlıkaya and with representatives of Islamist businessmen’s association MÜSİAD.