Economy minister defines post-coup economy as ‘miracle'


Turkey's economic situation is a "miracle" after a failed coup attempt in July, Economy Minister Nihat Zeybekci said Wednesday at the eighth Turkey Investment Conference in New York.

Zeybekci said that although massive setbacks were predicted, the financial and banking systems proved resilient on the first business day after the July 15 overthrow attempt.

The value of the dollar against the Turkish lira climbed to 3.07 from 2.90, between the coup attempt Friday and the following Monday, but fell back around to its previous level within days.

"Turkish people began to exchange the foreign currency in their hands. In a single week after the coup attempt, $11.5 billion worth of currency was exchanged to Turkish lira," Zeybekci said.

"Since July 15, more than $600 million flew into Borsa Istanbul," he said. "Monday morning after the coup attempt, interest rates jumped to 9.4 percent, from 8.55 percent, but are now down at 8.50 percent."

The Turkish economy has reached an average annual growth rate of above 5 percent since the 2008 global financial, according to Zeybekci, and the country's government debt ratio to national income is better than 25 countries in the 28-member EU.

In line with these remarks, the shock to Turkey's economy following the July 15 failed coup attempt has largely dissipated, U.S.-based ratings agency Moody's said Wednesday.

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