Speaking to NTV, President Recep Tayyip Erdoğan's senior economic adviser and Daily Sabah columnist, Cemil Ertem, interpreted the increase in the dollar in the aftermath of Justice and Development Party's (AK Party) congress decision, stressing that there was no different development in the dollar than other emerging countries and markets should positively react to the congress decision from now on.
He also said the recent rise in the dollar is not specific to Turkey. According to Ertem, the Turkish lira rapidly fell after the congress decision, despite the concerned market at night, yet the market returned to normal in the morning. Even in the worst situation at night, however, the difference between the Turkish lira and South African rand was less than 1 percent. Recalling that last night's decision was only perceived as an internal issue of the AK Party on the basis of markets, Ertem said political ambiguity will be eliminated to a larger extent and the markets should react positively to the congress decision from now on.
The dollar is currently falling along with the news on U.S. Federal Reserve (Fed), it is something speculative for the dollar to increase over the past few days because of the remarks of the Fed members who caused the dollar to rise are those without the right to vote, and it is a speculative move that we can see during crises, according to Ertem.The high value of the Turkish lira remains to be disputed but certainly has negative effects on exports. Ertem said the economy will become more stable during the next period.
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