Turkish opposition leader says government giving guarantees with money it does not have

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ANKARA – Turkey’s government has provided guarantees to citizens hit by a currency crash with money it does not have, main opposition head Kemal Kilicdaroglu said on Tuesday, as the lira rebounded after President Tayyip Erdogan announced measures to encourage Turkish lira savings.

The lira rallied some 25% from record lows after the announcement by Erdogan late on Monday, in its biggest rally on record.

Speaking in parliament, Kemal Kilicdaroglu of the Republican People’s Party (CHP) said Erdogan’s government cannot establish an environment of confidence in markets, adding Turkey needed a strategy rather than short-term plans. He said citizens trusting foreign currencies over the lira showed a governance problem and repeated a call for immediate elections.

Reuters

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