Turkey has been subject to a currency attack due to its alliance with Russia and Iran, Cemil Ertem, senior economic adviser to President Recep Tayyip Erdoğan, said in an editorial.
The attack on the lira, as well as the ruble, began just after a meeting between the presidents of Turkey, Russia and Iran and ahead of a missile strike by the United States and its allies on suspected chemical weapons sites in Syria, Ertem said in the Milliyet newspaper on Tuesday.
But Turkey is not the country it was in the 1990’s, when devaluations sparked economic crises. It has a free-floating currency backed up by a strong, export-driven economy, Ertem said.
Turkey’s lira slumped to a record low of 4.17 per dollar last week. It traded at 4.11 against the U.S. currency on Tuesday.
The United States will not succeed in imposing its will on countries in the region via economic pressure, as it did in the twentieth century, Ertem said.