Turk Property Law | Istanbul Chamber of Commerce is confident…
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Istanbul Chamber of Commerce is confident…

Istanbul Chamber of Commerce is confident…

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

“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 [than] prior to the coup attempt,” İTO head İbrahim Çağlar told a meeting with 49 consuls-general in Istanbul.

Çağlar 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 added.

The İTO 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,” Çağlar 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, Çağlar 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 the foiled coup attempt carried out by a renegade faction within Turkey’s military.