Erdogan urges people to switch to local currency

By Diyar Guldogan

ANKARA

Turkish President Recep Tayyip Erdogan Saturday again urged Turkish citizens to convert their foreign exchange savings into liras or gold.

"Come now and convert your dollars and euros into Turkish liras," Erdogan said during the opening ceremony of a new shopping mall in Istanbul.

"Look, this is national, it is fruitful. You won’t suffer any losses, don’t worry," said Erdogan, addressing people fearful they might lose out through cashing in foreign reserves.

Erdogan said people should rally to help Turkey’s economy, amid a time of volatile currency fluctuations. "It is time to support Turkey's economic mobilization, not hold it back," he added.

About his frequent push for Turkey’s Central Bank to set lower interest rates, Erdogan said: "We have to solve the interest rate issue. I know I stand alone, but I will maintain my fight. I am determined."

The president also accused “imperialists” of using interest rates to further their goals.

"I see interest rates as one of the most important exploitation tools of imperialist logic," he added.

Erdogan also decried how people in the finance sector earn money rather than investors in the real economy.