As the Turkish financial tumoil continues to cloud the already severly-stricken economy, the Turkish left-wing party called for a ban on the circulation of U.S. dollars, reported AFP on Sunday, July 22.
The move came about following last week’s sharp depreciation of the Turkish lira as the uncertainty over the future of the IMF-backed reform program lead to a flood of dollar demand.
Dogu Perincek, the head of the small Workers' Party known for its strong nationalist views, stated that "the aim of the IMF program imposed on Turkey is to break the last national mechanisms of the economy." Perincek also expressed his belief that Prime Minister Bulent Ecevit and his government should resign allowing for a new government to take a firmer stance on the banning of the circulation of the dollar.
Since February’s financial crisis, the Turkish lira has lost over half of its value against the dollar. The exchange rate presently stands at TRL 1,314,000 to the US dollar. — (MENA Report)
© 2001 Mena Report (www.menareport.com)
