Turkey's foreign exchange reserves stand at $95 billion and are poised to grow larger in the coming days, says Turkey's President Recep Tayyip Erdogan while speaking to a Provincial Congress of his governing Justice and Development Party in Izmir.

Turkish President Recep Tayyip Erdogan speaks during groundbreaking ceremony of Earthquake Houses in Izmir and the opening ceremony of Goztepe Stadium in Aegean province Izmir, Turkey on February 22, 2021.
Turkish President Recep Tayyip Erdogan speaks during groundbreaking ceremony of Earthquake Houses in Izmir and the opening ceremony of Goztepe Stadium in Aegean province Izmir, Turkey on February 22, 2021. (AA)

Turkey boasts strong foreign currency reserves and its economy is well-positioned to compete on the world stage, the nation’s President Recep Tayyip Erdogan has said.

“The Central Bank had $27.5 billion in foreign exchange reserves when we took office,” in fall 2002, said Recep Tayyip Erdogan on Monday, adding that now, it has $95 billion.

“During my premiership, this foreign exchange reserve increased to $132 billion. After that, we went down to $95 billion. What does this mean? We can go back to $132 billion and we will even reach $200 billion,” said Erdogan.

Turkey’s reserves are poised to grow larger still, he said, while speaking to his governing Justice and Development (AK) Party’s 7th Izmir Provincial Congress. 

He also attended the provincial congresses of both Hakkari and Nevsehir via video link.

He also explained, “All foreign exchange transactions in Turkey comply with the law and market rules and involve no exploitation, unfair gain, or illegal or immoral dealings.”

At the heart of Turkey's breakthroughs in the energy sector – including its discovery of natural gas reserves in the Black Sea last year – are the strategies and groundwork developed under onetime energy and natural resources minister Berat Albayrak, who also served as finance and treasury minister, said Erdogan.

Erdogan also criticised those who have derided Albayrak’s efforts and success.

READ MORE: Turkey outperforms G20 countries in December industrial output

Source: AA