Bloomberg News

Erdogan Says Lira to Find ‘Middle Ground’ as Currency Falls

July 27, 2011

(Updates with Erdogan in second graph, lira in last.)

July 27 (Bloomberg) -- Turkish Prime Minister Recep Tayyip Erdogan said the lira will find a value between excess strength and excess weakness, after it declined to the lowest in more than two years this week.

“A lot of people were complaining a year or two ago after the Turkish lira rose in value, now people are uncomfortable about the decline,” Erdogan told reporters in televised comments from Ankara airport today. “No one should get concerned: we’ll find a middle ground again and we’ll find it very comfortably.”

Erdogan was responding to a question about what steps the government is planning to deal with the widening current account deficit and about the competitiveness of the lira’s value.

The lira dropped 0.2 percent to 1.7012 per dollar at 11:49 a.m. in Istanbul.

--Editor: Mark Bentley

To contact the reporter on this story: Ali Berat Meric in Ankara at americ@bloomberg.net

To contact the editor responsible for this story: Steve Bryant at sbryant5@bloomberg.net


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