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Channels of currency speculation shut down, says Turkish presidency

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Presidential spokesperson İbrahim Kalın has said the recent fluctuation of the Turkish lira against the US dollar has been “brought under control,” adding that the channels of currency speculation have been shut down, Hürriyet Daily News reported on Thursday.

“With the coordination of [Treasury and Finance] Minister Berat Albayrak, an action plan has been implemented. The environment that led to currency speculation and perception operations against the lira has been eliminated,” Kalın said on Thursday after a meeting of the Cabinet.

His comments came as the lira began gaining value against the US dollar after a precipitous fall last week.

“We have entered into a period of normalization. We will take steps to preserve it,” Kalın added.

“All channels for the currency speculation and perception operations that attacked the lira have been closed. All citizens, consumers, employers and producers should stay calm. We will overcome this with calm and rational steps and without panic,” he said.

Kalın quoted President Recep Tayyip Erdoğan before the meeting. “Turkey will transform this crisis into an advantage,” he said.

The spokesperson thanked Qatar’s pledge of further investment and indicated that Erdoğan’s conversations with French President Emmanuel Macron and German Chancellor Angela Merkel have received “positive responses.”

Both leaders expressed concern over US President Donald Trump’s recent economic moves to impose further tariffs, he said, adding that these moves are also hurting Europe and the Eurozone.

“We have received positive responses from Kuwait, Germany, France and even Russia,” said Kalın.

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