ANKARA, Dec 2 (Reuters) - President Tayyip Erdogan on Friday called on Turks to convert their foreign exchange into gold or the Turkish lira and said there was “no option” other than cutting interest rates to spur growth - comments that helped send the lira to a low.
“Those who keep foreign currency under their pillow should come and turn that into Turkish lira or gold,” Erdogan said in a speech to commemorate the opening of what was billed as Europe’s largest automobile showroom complex.
“I say there is no option other than cutting interest rates, and I say no more. We will open the way for investors with low interest rates,” he said. The lira fell to a record low of 3.5180 against the dollar as he spoke. (Reporting by Tuvan Gumrukcu; Writing by David Dolan; Editing by Daren Butler)