Foreign currency hikes manageable, says Turkey’s Vice President Oktay

The dollar’s rise against the lira has had a “manageable and limited effect” on the balance of the budget as a whole, Turkish Vice President Fuat Oktay told the Budget and Planning Commission on Saturday.

“The hike has caused an increase in certain budget costs, but at the same time it has affected positively certain budget incomes,” Oktay said.

The volatile period will pass, the vice president said.

Starting November at about 9.5 per dollar, the Turkish lira declined to a record low of 12.82 on Nov. 23, and remains around the 12.40 per dollar mark as of Sunday. Dipping to 14.42 per euro, the lira has recovered slightly to 14.07 on the same day.

“Under the lead of our president, for the last 19 years we have fought a total struggle for independence including the inflation, currency rate and interest trio. Try as they might, the project to make Turkey surrender politically via the economy has not worked, and will not work,” Oktay said.

“We have alleviated for the most part the damage caused by speculative currency rate attacks, and continued on our way,” he said.

The Turkish economy’s “fully independent” route is one focused on investment, production, employment and growth, he added. “We will overcome the tutelage of speculation, and continue on our way, completely independent.”

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