Erdogan Appeals to Turks on Lira, Citing 'Interest Rate Lobby'

President Erdogan's speech in Turkey focused on local issues but touched on economic challenges, urging citizens to convert foreign savings to lira. He described Turkey as facing economic warfare, which did not reassure international markets. Concurrently, US tariffs on Turkish steel and aluminum exports are expected to negatively impact Turkey's trade deficit and economy, exacerbating existing vulnerabilities.

What did President Erdogan urge Turkish citizens to do in response to economic stress?

• Invest in foreign stocks

• Convert foreign currency and gold to lira

• Increase savings in foreign banks

• Purchase more real estate

How did President Erdogan describe the economic situation Turkey is facing?

• An economic warfare

• A period of economic prosperity

• A stable economic environment

• A minor economic challenge

What was the immediate impact of President Trump's tariff decision on Turkey?

• Increase in foreign investments

• Strengthening of the lira

• Improvement in trade balance

• Further weakening of the lira

What percentage of Turkish steel exports are destined for the US?

• 10.7%

• 15.2%

• 20.1%

• 5.3%

What is one of Turkey's main economic vulnerabilities mentioned in the transcript?

• Lack of natural resources

• Foreign trade imbalance

• High unemployment rates

• High inflation rates