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Turkey will emerge 'stronger' from lira crisis - minister

Video Credit: Reuters Studio - Duration: 01:48s - Published < > Embed
Turkey will emerge 'stronger' from lira crisis - minister

Turkey will emerge 'stronger' from lira crisis - minister

A restaurant in Istanbul joins President Erdogan's call for a 'national battle' against 'economic enemies' by offering free fish for forex, while Turkish Finance Minister Berat Albayrak tells global investors Turkey will emerge 'stronger' from the country's worst currency crisis since 2001.

Francis Maguire reports.


Turkey will emerge 'stronger' from lira crisis - minister

A visit to this restaurant in Istanbul could score you free fish and bread..

But there is a catch - you must bring a slip showing you've converted at least $100 into lira.

The restaurant owner says he's supporting President Erdogan, Who called on Turks to sell their gold and hard currency as part of a 'national battle' against economic enemies.

One of those is the U.S. which recently imposed tariffs on Turkish steel and aluminium.

And is a big part of why the Turkish lira has plunged to record lows this week.

(SOUNDBITE) (Turkish) RESTAURANT OWNER, ADNAN CELIKER, SAYING: "There is an attack on our country.

This is not America.

We launched a campaign before when the dollar rose - now we're doing it again." The lira has firmed up since hitting a low of 7.24 against the dollar on Monday, It hovered around 5.7 as Finance Minister Berat Albayrak held a call with 3,000 investors He told them Turkish banks would emerge from the currency crisis 'stronger'.

And that Turkey fully recognised its domestic challenges But he said it was dealing with a market anomaly.

And for some analysts he had a lot of convincing to do.

(SOUNDBITE) (English) MARKET ANALYST, CMC MARKETS, MICHAEL HEWSON, SAYING: "The fact that Mr Albayrak is not taking any questions would appear to suggest that ultimately he's probably going to find it very difficult to justify any new measures to support the Turkish economy." With U.S. relations at a low point, Turkey can at least look to one close ally.

Oil-rich Qatar pledged to invest $15 billion in the country.

Turkey also reached out to some of Europe's big hitters.

Erdogan spoke to French President Macron by phone on Thursday, They vowed to develop economic ties.

Germany and Turkey's Finance Ministers also agreed to meet in September and improve economic cooperation.

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