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Turkish elections may hinge on short window of lira calm

Erdogan says forex 'bubble' has burst and country heading for stable summer

Turkish President Recep Tayyip Erdogan delivers a speech at a meeting with economists and academics at Dolmabahce Office in Istanbul on Dec. 24. (Photo courtesy of the presidency)

ISTANBUL -- After an unprecedented week for Turkey's currency, one that saw the lira appreciate over 70% from all-time lows at one point, President Recep Tayyip Erdogan expressed confidence that his country was on a path to stability and the foreign exchange "bubble" had been popped.

"We have abandoned the traditional economic approach of keeping the inflation under control through high interest rates. Instead, we have adopted an economic policy that is based on investment, employment, production, exports and growth through a current-account surplus," Erdogan said Friday in televised remarks.

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