Some circles, that are trying to exploit the international situation, have launched a massive attack on the Turkish economy
It is no secret that the Turkish economy is under assault with the dollar rapidly gaining ground against the Turkish lira and thus people feeling the strains of economic hardships.
A part of the economic problems we are facing today have to do with the global conditions where the Federal Reserve (Fed) decisions on increasing interest rates are wreaking havoc in the international arena.
However, it is also true that some circles trying to exploit the international situation have launched a massive attack on the Turkish economy. This is seen as an assault by a special lobby to undermine the Turkish economy and force the government out of office. They say the lobby is trying to accomplish what the Gülenist plotters could not achieve in the bloody coup attempt.
The special lobby consists of international players and some of their Turkish accomplices who are trying to drive the dollar up against the Turkish lira, create havoc in the economy and force the government to collapse.
President Recep Tayyip Erdoğan is fully aware of the game and its players and is now countering them just as he did the coup plot of July 15. As a first and important step he is asking the people of Turkey to mobilize their resources, especially the foreign exchange they were keeping under the pillow and convert it Turkish liras. He aims to end the dominance of American currency over the Turkish economy.
The people have responded to Erdoğan by buying Turkish liras with their foreign exchange. But of course that is not enough. It should be regarded as a morale booster but what we really need at this stage is the cooperation of big business.
The elite Industrialists and Businessmen's Association (TÜSİAD) has to cooperate with all the other big business organizations to end the dominance of the dollar in our economy. However, of course this is easier said than done. First it is a fact that there are still enemies of Erdoğan in the business community who want him deposed and replaced by someone they can manipulate. They are part of this notorious lobby. But besides that any actions to be taken by big business cannot be done overnight and there is a reaction period that creates delays.
However, we do have to start from some point. We can trade with the Russians, Chinese and the Indians with Turkish liras and their own respective currencies. We can use more liras in our foreign trade.
Leading businessmen have to start charging Turkish liras instead of dollars for the rents they charge in their massive shopping malls. E-Rents and leasing operations should be based on the Turkish lira.
Above all that big business should also hold their reserves in Turkish liras rather than dollars. Can businessmen really take this step that has already been taken by the man in the street?
The government on Thursday is expected to announce major incentives to combat the current economic difficulties. They are preparing some major incentives to bolster real production in Turkey. But one major step is to help out Turkish companies that have borrowed funds in dollars for investments and who are now facing difficulties as the value of the dollar has risen by 15 percent against the Turkish currency. This will be a major booster for Turkey's big business but they too have to remember that they are also expected to make some major sacrifices like the man in the street.