Tayyip Erdogan says Gulf states sent money to help Turkey

ISTANBUL: Turkish President Recep Tayyip Erdogan said Thursday that Gulf states had recently sent funds to Turkey, briefly helping to relieve the central bank and markets, and he intends to meet and thank their leaders after the second round of Sunday’s presidential election.

“Our economy, our banking and financial system are quite solid. During this time, some Gulf States and eg were storing money in our system. It is recent and it has relieved our central bank and our market, even if only for a short time,” Recep Tayyip Erdogan said in an interview with CNN Turk.

“After Sunday’s election, you will see how these leaders will come here and how I will visit them to show my gratitude,” he added.

Erdogan, seeking to extend his two-decade rule in Sunday’s vote, did not name the countries or say when or how much money arrived in Turkey.

Ankara has struck some $28 billion in currency swap deals in recent years with the United Arab Emirates, Qatar, China and South Korea, most of which is believed to be in Turkish central bank reserves.

Read more: Erdogan eyes third decade of rule in historic runoff

Foreign funds offset a decline in the bank’s foreign exchange reserves, which on a net basis fell into negative territory last week for the first time since 2002 – the year Recep Tayyip Erdogan’s AK party was elected for the first time.

Turkey’s foreign exchange reserve has been depleted in part due to years of unorthodox policy stabilization of the lira, which has suffered a series of crashes prompted by interest rate cuts in the face of runaway inflation.

Instead of exchange agreements with foreign counterparts, the central bank of Turkey recently preferred deposit accounts, which implies that dollars or euros enter the system instead of local currencies.

Reuters is an international news organization owned by Thomson Reuters

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