Turkish opposition party head blasts gov't steps to shore up lira

By Emin Avundukluoglu

ANKARA (AA) - The leader of an opposition party in Turkey criticized on Wednesday new currency-stimulating measures announced by the country's president to shore up the Turkish lira.

Speaking to her Good (IYI) Party's parliamentary group, Meral Aksener said Turkey is experiencing a deeper currency crisis than it had in 1994 and 2001.

"The continuation of this currency crisis, which you are trying to prevent with palliative steps, is a crisis in the production and the banking sectors," Aksener said.

Criticizing the government's economic administration, she said: "Joining hands with your 'incompetent team,' you have brought the country to a state where we are equal in poverty as a nation, with the cost of living you cause."

"But, if you go with that mindset, after a while, God forbid, we will not only encounter poverty but also with dearth," she added.

The latest measures follow price hikes and a sharp slide in the value of the Turkish lira as the government pursues its new economic model, which stresses opposition to high-interest rates.

After President Recep Tayyip Erdogan announced new measures to protect lira investments and encourage confidence in the Turkish currency, the lira immediately gained ground on Tuesday.

On Wednesday morning, the lira/dollar exchange rate dropped to 12.35 as of 11.00 a.m. local time (0800GMT), gaining almost 40% against the US dollar since Monday evening.