Turkey minister defines post-coup economy as 'miracle'

NEW YORK

Turkey’s economic situation is a "miracle" after a failed coup attempt there in July, the country’s economy minister said Wednesday.

"Turkish economy is now at such a stage that it can be called a miracle after the coup attempt," Nihat Zeybekci said at the eighth Turkey Investment Conference in New York.

Zeybekci said that although massive setbacks were predicted, the financial and banking system proved resilient on the first business day after the July 15 overthrow attempt.

The value of the dollar against the Turkish lira climbed to 3.07 from 2.90, between the coup attempt Friday and the following Monday, but fell back around to its previous level within days.

"Turkish people began to exchange the foreign currency in their hands. In a single week after the coup attempt, $11.5 billion worth currency was exchanged to Turkish lira," Zeybekci said.

"Since July 15, more than $600 million flew into Borsa Istanbul,” he said. “Monday morning after the coup attempt, interest rates jumped to 9.4 percent, from 8.55 percent, but now down 8.50 percent.”

The Turkish economy has reached an average annual growth rate of above 5 percent since global financial, according to Zeybekci, and the country's government debt ratio to national income is better than 25 countries of the 28-member EU.