The Economist We Never Saw in Erdogan - Forex News by FX Leaders

The Economist We Never Saw in Erdogan

Posted Wednesday, December 7, 2016 by
Skerdian Meta • 2 min read

Turkey´s president, Erdogan, is well known for his strong leadership, together with a handful of others, such as Putin. But today we are seeing another side of him, the economist Erdogan. Or shall we call him an analyst of the financial markets?

He appeared in a Turkish media a while ago and from the comments, I can strongly say that we have had an economic genius right here and we´ve never noticed him. He´s diving deep into macroeconomics and the forex market with lectures no one ever thought of. Had the world known this before the 2008 global financial crisis wouldn´t have happened.

He was saying that some invisible forces are targeting the Turkish economy via forex speculation. He´s urging his citizens to use the Turkish Lira as much as possible and convert any foreign currency to Liras, especially Euros and Dollars.

This sound similar to what the communist leaders were calling for before the fall of the regime in Easter Europe. Little does he know that big money flies in and out of a country in a matter of days, if not hours when there are apparent risks in the economy.

Some countries beg for a cheaper currency, others complain

The first effects of the fabricated coup a few months ago are starting to show up. The Turkish Lira has been under pressure for a long time, but in the last month or so, USD/TRY has surged about 50 cents. I guess the investors are not feeling safe in Turkey anymore.

By the way, the Turkish people are already acting as fishermen and barbers are offering free fish and free haircuts if you bring them a foreign exchange receipt. Any FXML follower in Turkey, this is your chance to stock up on Turkish fish and have a free haircut. 

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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