Share

Turkey’s Simsek: Shock from coup ‘largely done’, but risk for inflation

ANKARA, July 21 Turkey’s ruling AK Party gave a free hand for years to a religious movement led by US -based Muslim cleric Fethullah Gulen it now accuses of orchestrating a failed military coup, Deputy Prime Minister Mehmet Simsek said on Thursday. Investors are anxious about the reach of the government crackdown following the coup.

Advertisement

Simsek’s comments come after Turkey announced Wednesday a nationwide three-month state of emergency after a failed coup which martyred hundreds and injured more than 1,500 people last week.

But he reiterated the government’s accusation that the Gulen Movement, which is led by US-based Muslim cleric Fethullah Gulen, was behind the coup attempt.

A boy waves a Turkish national flag as supporters of Turkish President Tayyip Erdogan attend a pro-government demonstration on Taksim square in Istanbul, Turkey, July 20, 2016. Will they quit selling goods to us?

Advertisement

The USD/TRY rate had broken the psychological barrier of 3 Turkish liras to reach 3.05 late Friday following the airing of the statement from the coup plotters on state broadcaster Turkish Radio and TV Corporation (TRT).

Turkish Deputy Prime Minister Mehmet Simsek