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Erdogan Urges Turkish Citizens to Exchange Foreign Currency for Gold, Lira

© AP Photo / Presidential Press Service/Kayhan OzerTurkey's President, Recep Tayyip Erdogan, addresses local administrators at his palace in Ankara, Turkey, Wednesday, Feb. 24, 2016
Turkey's President, Recep Tayyip Erdogan, addresses local administrators at his palace in Ankara, Turkey, Wednesday, Feb. 24, 2016 - Sputnik International
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According to media reports, President Recep Tayyip Erdogan urged citizens to convert their foreign currency into Turkish lira or gold following cutting interest rates to stimulate economic growth.

Turkish President Tayyip Erdogan speaks during a news conference following the National Security Council and cabinet meetings at the Presidential Palace in Ankara, Turkey, July 20, 2016 - Sputnik International
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MOSCOW (Sputnik) Turkish President Recep Tayyip Erdogan urged citizens to convert their foreign currency into Turkish lira or gold following cutting interest rates to stimulate economic growth, local media reported Friday.

"Those who keep foreign currency under their mattress should come and turn them into lira or gold," Erdogan said at the opening of an automotive showroom complex in Ankara, as quoted by the Hurriyet newspaper.

Erdogan expressed criticism against high interest rates and stressed that it was the only way to spur grow, according to the paper.

"Such moves will hit some people’s game. Do not worry. We will destroy this game together. We saw such things in 2007 and 2008. I then said the problems would not affect Turkey. I am now saying the same thing. The problems will not even touch us," the Turkish president added.

Erdogan noted that low interest rates would attract investors to the country, what would also contribute to the economic growth, while the government would simplify the transactions in national currency for state institutions and businesses, according to the newspaper.

After Erdogan's statement, Turkish lira reportedly slumped to a record low of 3.55 lira per dollar.

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