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Turkish economy has regained pre-pandemic momentum, Erdoğan claims

A woman walks past a digital billboard giving updates on various currencies and the Turkish stock exchange in Istanbul on August 13, 2018. Turkey's troubled lira tumbled on August 13 to fresh record lows against the euro and dollar, piling pressure on stock markets on fears the country's crisis could spill over into the world economy. / AFP PHOTO / Yasin AKGUL

Turkey’s economy has regained the momentum it was seeing before the COVID-19 outbreak, President Recep Tayyip Erdoğan said on Wednesday.

“Despite some troubles not originating from our country, the Turkish economy has regained the momentum it had before the pandemic,” Erdoğan said in a speech in Ankara, according to Reuters.

Turkey’s lira has lost some 20 percent of its value, sinking to historic lows and making it the third-poorest performing currency in the world this year.

While Erdoğan says the lira’s volatility is temporary, the International Institute of Finance has just slashed its estimate of lira fair value to 7.50 per dollar from 6.30 in June and 5.50 in April.

Although the government has denied economic troubles, a large gathering of almost all executives of Turkey’s financial institutions was held on Monday at Erdoğan’s palace in Ankara.

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