Erdogan urges the government to prevent the smuggling of wealth abroad – tech2.org

Erdogan urges the government to prevent the smuggling of wealth abroad



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The president of Turkey, Recep Tayyip Erdogan, urged the cabinet to take measures against the smuggling of wealth abroad by "some businessmen", saying that the attempt constitutes a betrayal against the state.

"I'm hearing that some businessmen are trying to smuggle their wealth abroad, I'm calling our cabinet, first of all, not to let anything go because these actions are a betrayal of the state," Erdogan said. in a speech from the eastern province of Mus on Sunday.

Erdogan did not name any businessmen or companies, but his equation of wealth transfer abroad with "betrayal" is based on his allegations of an international conspiracy against his government, more than a year after an attempt suddenly. A Turkish banker is in trial in New York, accused of helping Iran evade US financial sanctions, while some of the president's relatives have been accused by the main opposition party of the country of transferring millions of dollars abroad. Erdogan has denied the accusations against his family members as "slander".

"We do not look kindly on those who are making money in this country and trying to smuggle their wealth abroad," Erdogan said.

From the In an attempted coup of July 2016, the government has been using incentives, tax reductions and fiscal stimulus to support economic growth, which is expected to be the fastest in the world in the third quarter. Even so, many see the Turkish market as saturated, crammed with bureaucratic paperwork and costly for acquisitions. Turkish companies can spend another $ 64 billion on acquisitions abroad and establish new operations abroad by 2023, said in a recent report Volkan Kara, partner of the Bain & Co. office in Turkey.

"Turkey is a free market market economy and our citizens can invest abroad in the same way that foreigners invest in Turkey, seeing this as a betrayal could have consequences: other countries could implement similar measures against us" , said Monday by telephone Atilla Yesilada, an economist at consultancy GlobalSource Partners, based in New York.

If the government decides to introduce capital controls, "we could see the Turkish lira being attacked again," Yesilada added.

The lira traded 0.6 percent lower against the dollar at 3.9390 at 10:05 a.m. in Istanbul after consumer inflation reached its highest level since 2003, according to the Turkish State Statistics Institute.

Turkey's foreign direct investment outflows slowed to $ 1.83 billion in the first nine months of 2017, set for the lowest annual pace since 2010, according to central bank data. Outflows reached a record $ 7.05 billion in 2014.

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