Erdogan says market volatility does not reflect Turkey's economic reality

Turkish President Tayyip Erdogan, accompanied by his wife Emine Erdogan, greets his supporters as he arrives at the Grand Congress of his ruling AK Party?in Ankara, Turkey March 24, 2021. Murat Cetinmuhurdar/Presidential Press Office/Handout via REUTERS

ANKARA (Reuters) - President Tayyip Erdogan said on Wednesday that recent volatility in financial markets does not reflect the Turkish economy’s realities and that international investors should maintain their confidence in Turkey.

In a speech at a congress of his ruling AK Party, Erdogan said Turks should convert their forex and gold into lira-based financial instruments. The lira has tumbled in value since his surprise weekend move to replace the central bank governor with a critic of tight monetary policy.

Reporting by Tuvan Gumrukcu and Ece Toksabay; Writing by Daren Butler; Editing by Ezgi Erkoyun