How Failed coup cost Turkey close to $100 billion — Minister reveals

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 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 was 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 said the situation had improved following the resilience of the local economy, and 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 said 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. (dpa/NAN)