The recent inevitable rise of the U.S. dollar compared to the Turkish lira has caused volatility on Turkish economy, especially after the U.S. presidential elections, surprisingly won by Donald Trump.
Addressing this issue, Turkish President Recep Tayyip Erdoğan said the recent volatility due to the steep increase in the value of the foreign exchange in Turkish markets will not have a significantly negative effect on the country's economy, like the 2008 financial crisis.
Erdoğan also urged Turkish citizens on Saturday to convert their foreign exchange savings into lira or gold.
The president's call received a vast response among the Turkish people in household goods industry.
The private sector also began backing the measures taken by the state, intending to tackle the sharp increase of foreign exchange within two days.
Fuzul Group, planning to construct about 2,000 residences, have reached a decision not to use U.S. dollars even while dealing with foreign buyers.
Fuzul Group CEO Eyüp Akbal said, “This year, we have had crises pour over us, such as the foiled coup attempt and the escalation of terror in Turkey. We, as businessmen and investors of the country have never thought to give up on our investments, or to stop them. We always focus on working, producing and developing new projects to support our country's economy."
Pointing out that the measures taken by the state is encouraging, Akbel said the private sector should take more steps, adding that they call on investors to use the lira in their both financial and real sector transactions.
İzmir Chamber of Commerce President Ekrem Demirtaş said that he urged all business owners to lease out their stores in Turkish lira, as those who leased based on the dollar an excessive amount of money and had to close their business places.
Stressing that 73 percent of foreign investments are made by the EU companies, Demirtaş stated, “We should express ourselves better to the EU, especially on the Fethullah Terorist Organization (FETÖ) and the terrorism issue. We expect more a constructive approach from the EU. I wish EU countries did not rely on the counter-productive and antagonistic outbursts of some members of the European Parliament."
Meanwhile, Muhammed Ali Aydın, who runs a fast food store in the northern town of Turhal, has supported the campaign initiated by the president in his own way. He put up a sign on his store window, reading “Free for those who convert 100 euros or U.S. dollars into Turkish liras."
“After the coup attempt and terrorism failed, Turkey is tried to be kept in the line through economical means this time and we cannot allow it to happen," he said.
“My campaign will last until our president says the Turkish lira has increased in value," he added.
