27 July 2016•Update: 27 July 2016
By Tuba Sahin and Bahattin Gonultas
ANKARA
More than $9 billion worth of foreign currency in Turkey has been changed into Turkish lira since the July 15 coup attempt, Deputy Prime Minister Mehmet Simsek said Wednesday.
Simsek credited the switch to lira by Turks as protecting the economy following the attempt to overthrow the government.
“Turkish people who stopped the July 15 coup attempt [also] defeated the coup in the Turkish market by exchanging their foreign currency to the value of $9 billion,” he told CNN Turk.
The minister, who has special responsibility for Turkey’s economy, stressed the strength of the economy’s fundamental indicators. “There has been no permanent, significant damage or major destruction to the Turkish economy following the coup attempt," he said.
Between January and May, Turkey received nearly $16 billion in foreign investment and GDP increased by 4.8 percent in the first quarter of the year compared to the same period last year, making Turkey one of the fastest growing economies in Europe.
The lira clawed back some of the losses suffered in the days after the coup, gaining 1 per cent, while the Borsa Istanbul 100 Index gained nearly 4 percent this week.
On July 17, the Turkish Central Bank said that it would provide unlimited lira liquidity and drop the commission rate for intraday liquidity to zero.
The government last week declared a three-month state of emergency but stressed its commitment to a market economy. Ministers said emergency measures would not affect the lives of ordinary people and businesses.
