Turkish economy strong post-coup bid: Commerce chamber

ISTANBUL

The negative impact of the July 15 coup attempt on Turkey's economy has been minimal, according to the head of the Istanbul Chamber of Commerce (ITO).

"The foreign exchange rates have been going back to pre-July 15 levels while the country's main stock exchange index has been climbing confidently towards a level that is higher prior to the coup attempt," Ibrahim Caglar told a meeting with 49 consul generals in Istanbul.

Caglar said the Turkish economy maintained its credibility in the eyes of the investors.

"I believe that international credit agencies should avoid acting on political prejudices to protect their own credibility," he said.

The ITO head went on to say that if the coup attempt had been successful, it could have caused a great economic depression in the country.

"If they [coup plotters] had succeeded, the coup would have affected a wide range of countries in addition to our 79 million citizens, and have led to a deep depression," Caglar said.

"So the defeat of the July 15 coup attempt was a crucial milestone not only for Turkey but also for the world at large. The country passed a very harsh test that night in order to establish peace. Thankfully, today, the winners are democracy and world peace," he added.

As for the state of emergency declared in the country, Caglar said the decision was taken to fight terrorism.

"The extraordinary measures might be considered as a warranty for economic stability. The necessary steps are taken quickly to prevent such incidents from happening again.

"There are no obstacles for foreign investors to continue their economic activities in safety," he said.

Turkey temporarily suspended the European Convention on Human Rights and imposed a three-month state of emergency following a foiled coup attempt by a renegade faction within Turkey's military.

The coup attempt left 238 martyrs in its wake and another 2,200 others injured.