CHP blames government’s construction-based economy for lira depreciation

CHP blames government’s construction-based economy for lira depreciation

ANKARA
CHP blames government’s construction-based economy for lira depreciation

The main opposition Republican People’s Party (CHP) has blamed the ruling Justice and Development’s (AKP) construction-based economy for the record-breaking plunge of the Turkish Lira, accusing it of deliberately weakening production capacity of the country. 

“We have arrived at a point where our honor and dignity are played with by those who have regarded production and development related only to an economy based on construction,” CHP leader Kemal Kılıçdaroğlu said on his Twitter account on Aug. 20. He also accused President Recep Tayyip Erdoğan’s government of leaving Turkey to the hands of interest rate lobbies and money lenders.

Kılıçdaroğlu’s description of Turkey’s economic downgrade sharply different from the government, which has long been accusing foreign powers of manipulating markets to devalue the Turkish Lira. Turkey’s national currency lost around 40 percent value against the United States dollar in the last four weeks, after the U.S. administration imposed sanctions on the Turkish government for not releasing pastor Andrew Brunson.

The CHP leader, however, had suggested earlier that the worsening of the Turkish economic balances would not be recovered, although the Brunson issue would be resolved with Turkey. The CHP leader blamed the government for not taking necessary rational measures to avoid an impending economic crisis.

“A strong Turkey is a productive Turkey,” Kılıçdaroğlu said, recalling that production is the basis for a developing economy.

“This is what we have been saying: Turkey is not governed. It is skidding,” he said.

Turkish economy, Turkey sanctions, CHP