Turks abroad vote at record level in presidential, parliamentary elections

Cornelia Mascio
Giugno 22, 2018

Envelopes containing ballot papers are being counted in Brussels, Belgium on June 19, 2018 as voting ends for Turkish presidential and general elections.

Erdogan's remarks were also delivered just as Capital Economics was concluding that an expected sharp slowdown in Turkey was materialising and Bloomberg was reporting that Turks are joining foreign investors in shifting their assets-and in many cases themselves-out of the country amid fears for their money and security should Erdogan win more power if elected as the country's first executive president in the elections. The Turkish lira concluded on Thursday, before Eid al-Fitr, at 4.64 against the dollar, at a time when investors have eye on outcomes of the presidential and parliamentary early election next Sunday.

"If we are going to strengthen investors, we have to do it through low interest rates", Erdogan told a meeting in southern city of Adana.

The Turkish lira relapsed in May and at the beginning of June, which pushed the Central Bank to intervene twice to raise the interest rate from 13.5 percent to 16.5 percent then 17.75 percent and to simplify the monetary policy.

"(The bank) raised rates 3 points, then another 1.5 points.

Nearly 1.5 million Turkish citizens living overseas have cast their ballots between June 7 and 19, Sadi Guven, head of the Supreme Election Council (YSK), told reporters on Wednesday. "Why wouldn't I? I have to speak the truth, so we can reach the truth", Erdogan added. It started June 19 at 4.7112. In this situation, the CBRT [Central Bank of the Republic of Turkey] will probably hold off from further rate hikes.

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