Erdoğan says Turkish lira volatility is temporary: report

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This picture taken on August 2, 2018 in Istanbul shows a display of foreign exchange rates against Turkish liras at Istiklal avenue. The Turkish lira on August 1 slumped to record lows of 5.0 against the dollar as the US hit Turkey's justice and interior ministers with sanctions over the case of an American pastor on trial for terror-related charges. / AFP PHOTO / OZAN KOSE

Turkish President Recep Tayyip Erdoğan said on Friday that exchange rates and gold prices will settle at their right levels and that volatility is temporary, after the lira plunged to record lows on two consecutive days, Reuters reported.

Speaking to reporters after Friday prayers, Erdoğan said the main problem for the economy was the coronavirus outbreak, adding that world economies had “zig-zagged” due to the pandemic.

He said Turkey’s GDP and other indicators such as car and home furniture sales and foreign exchange reserves had increased since he came to power in 2002.

“Turkey is climbing, but there are those who don’t want to see this climb,” Erdoğan said, adding that no one should try to fool people regarding the economy.

The Turkish lira dropped to 7.3677 against the dollar before making a recovery on Friday. The lira is down about 19 percent versus the US currency since the beginning of the year. It was trading at around 7.17 in the afternoon.

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