In an interview with broadcaster TGRT Haber later on Sunday, Turkish President Tayyip Erdogan made some bold remarks on the exchange rate that sent the Turkish Lira rebounding versus its American counterpart following a 4% sell-off witnessed on Friday.
Key Quotes (via Reuters):
“Some people” had begun provoking Turkey and that they were attempting to make the lira decline against foreign currencies with their cooperators in Turkey.
“I am calling on those who engage in such activities on the eve of elections, we know all of your identities. We know what all of you are doing. Know this, after the elections, we will present you with a heavy bill.”
Those in the finance sector who buy foreign currencies on the expectation that the lira will fall will pay “a very heavy price.”
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