- Turkish President Recep Tayyip Erdogan converted to Islam to save the lira
- He appealed to people to save in lira instead of dollar
- Following the announcement, the lira appreciated 25 percent against the dollar
Turkish President Recep Tayyip Erdogan’s Islamic declaration has strengthened the Turkish lira against the dollar. Turkey’s currency has continued to fall for the past one year. Now due to Erdogan’s passion for Islam and the reduction of interest rates to control inflation Turkish currency The lira has risen 25 percent against the dollar. Previously the price of a dollar was 7.5 lira, two days ago the difference increased to 14 lira. Now, after Erdogan’s announcement, the dollar has risen to 11.41 lira.
Requested to be saved in lira
Erdogan said on Monday that there would be no loss for those who save in the lira. Fearing a fall in the lira, the Turkish people began to buy dollars. This further increased the demand for the dollar in Turkey, while the lira began to weaken. After this, Turkish President Erdogan took action and imparted knowledge about Islam. He appealed to the people to stop saving on dollars instead of lira.
Will Islamic law save the economy?
These days Erdogan is doing various experiments to save the Turkish economy. He linked interest rate cuts to Muslims and Islam. Responding to critics of himself, he says they are cutting interest. This is what I want to tell them that you can expect from me. As a Muslim, I will do what Islamic law allows me to do. I will continue to do so. This is Islamic law.
Erdogan blames high interest rates on inflation
Erdogan continued to argue that higher interest rates would lead to inflation, while it was against the conventional economy. The president has fired three central bank governors since 2019 over differences in interest rates. Last week’s data showed the central bank’s international reserves fell to $ 22.47 billion. Turkey’s sovereign dollar bond is down 0.8 cents at 2034, according to Dreadweb data.
Turkey’s economy is in trouble due to US sanctions
Turkey’s economy is in crisis these days due to US sanctions. Joe Biden first announced sanctions on Turkey after taking office. Turkey is a member of NATO, a US-led military organization. Has purchased the S-400 air defense system from Russia. Turkey tested the system, after which the United States imposed sanctions on Turkey.
Turkish President Erdogan
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