Turkey’s coup cost the country “100 billion dollars” says minister

Published August 2nd, 2016 - 11:00 GMT
The recent attempted coup in Turkey has sent shockwaves through the country. (AFP/File)
The recent attempted coup in Turkey has sent shockwaves through the country. (AFP/File)

The failed coup of July 15 has cost Turkey at least 300 billion lira (99.9 billion dollars) in damages, Customs and Trade Minister Bulent Tufenkci was quoted as saying in Hurriyet daily on Tuesday.

The damages include destroyed buildings, military equipment, decline in orders abroad for goods and a drop in tourism, he told a gathering of Turkish reporters in Ankara.

The coup plotters had tried to create an image that Turkey is a "third world country," the minister said, noting photos of tanks on the streets during the night of the putsch attempt.

However, he also noted resilience in the local economy, including the quick reopening of the stock exchange.

The lira has also recovered some of its loses. During the peak of concern over the coup, the lira had dropped from about 2.87 to the dollar to 3.09. It is now trading at just below 3 to the dollar.

Standard and Poor's rating agency downgraded Turkey after the coup, citing concerns not only over the economy itself but also checks and balances.

Turkey is currently in the middle of a 90-day state of emergency.


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