Turkish President Recep Tayyip Erdoğan urged citizens on Tuesday to convert their dollar and other foreign currency savings into lira in a show of national solidarity.
"I call on our nation. Let us leave the dollar and such. Let us turn to our currency, turn to Turkish lira," Erdoğan told his ruling party at a meeting in parliament.
"The Turkish lira doesn't lose (investors) anymore. Let us show our national unity here too," Erdoğan added, rejecting troubles in the economy as "lies."
An economic recovery is under way at "full steam," Erdoğan said as he called on foreign entrepreneurs to invest in Turkey.
One US dollar bought 5.75 liras on Tuesday, registering a more than 1 per cent loss in over a week.
He went on to say that those who trust in and invest in our country will continue to win.
Turkey's statistical authority announced that the country's inflation rate in October was 8.55%, down from 9.26% in September.
Under the new economic program announced in September, Turkey's inflation rate target is 15.9% this year, 9.8% next year, and 6.0% in 2021.
He shed light on the national plan for self reliance in the defense sector.
"Besides the canisters of the bombs which are produced for our F-16s and drones, a new private sector investment, which aims to make explosives in our country will shortly begin," said Erdoğan.
"So that, in addition to our air-to-ground weapons, our air-to-air weapons will be national and indigenous," he added.
The Turkish president noted that Turkey would plan to produce its national combat aircraft in 5-6 years.
Turkey's defense and aviation industry is expected to beat its export record by the end of this year.
The defense and aviation industry left other sectors behind with its 10-month performance in exports worth of $2.14 billion.
The sector's exports soared 38% year-on-year in January-October.
