TURKEY ECONOMY

Turkish lira gains on US dollar after Erdoğan’s remarks

Turkish lira up after Turkish president said there are no orders restricting capital movement abroad

Anadolu Agency

The lira gained ground against the dollar on Monday after the Turkish president’s remarks on capital movement abroad.

The dollar/lira rate, which soared to a historic high of nearly 4 lira last month, fell below 3.90 after Recep Tayyip Erdoğan said he had not given any orders to put restrictions on capital movement abroad.

"We have nothing to say against anyone who transfers resources abroad for investment purposes, or who is seeking export opportunities, or engaged in trade activities," Erdoğan said.

"What I am talking about is that our businessmen should show a patriotic stance at a time when there are attempts to put our country under economic pressure in addition to other attacks," he added.

Erdoğan's comments come following his remarks on Sunday warning businesspeople against moving their assets abroad, calling it a "treachery."

+