Turkey Failed Coup Of July 15 Cost Turkey Close To $100b

Bulent Tufenkci, Turkish Customs and Trade Minister, said on Tuesday in Istanbul that the failed coup of July 15 has cost Turkey at least 99.9 billion dollars in damages.

He said that the damages include destroyed buildings, military equipment, decline in orders abroad for goods and a drop in tourism. Tufenkci said it was so unfortunate that the coup plotters had tried to create an image that Turkey is a “third world country.

The minister said photos of tanks on the streets during the night of the putsch attempt were posted all over the city. He, however, also noted resilience in the local economy, including the quick reopening of the stock exchange.

“The lira has also recovered some of its loses. “During the peak of concern over the coup, the lira had dropped from about 2.87 to the dollar to 3.09. It is now trading at just below 3 to the dollar,’’ he said.

Tufenkci noted that the standard and poor rating by agencies downgraded Turkey after the coup, citing concerns not only over the economy itself but also checks and balances. The minister announced that Turkey is currently in the middle of a 90-day state of emergency.

Credit: Vanguard

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