Turkey’s president and ruling party leader Recep Tayyip Erdoğan targeted the largest business association on Sunday at an awards ceremony after the latter had released a statement calling upon the Erdoğan administration to “reposition itself to comply with the generally accepted rules of economy.”

The call by the Turkish Industry and Business Association (TÜSİAD) regarding the Turkish Lira’s (TL) huge slide after administration-imposed policy interest rate cuts was a rare one as TÜSİAD has always been very careful not to voice any oppposition or criticism over the policies of President Erdoğan.

“We are obviously aware of the price instability and the uncertainties that currency fluctuation has been creating,” Erdoğan said, and added: “But just like we’ve resisted against political tutelage, against terror organisations, against coup plotters and against the global power barons, we’ll resist against this as well.

“I’m making a call with no reservation: You, TÜSİAD, and your heirs, you have only one obligation: Investment, production, employment and growth. What’s your performance in that respect, you first answer to this. Don’t go searching for new means and versions to attack the government, you can’t struggle with us.

“I know your kind and your nature too well. You have other concerns. But we have our own concerns too. We’re treading this path with love for the country and the nation, while you’re looking for an opportunity to sabotage the government and bring one that you’ll prefer, one that you’ll be able to exploit. This nation will not give you such an opportunity. We’ve defended the freedom and future of our country with our life and blood yesterday. Today, we’ll make the same sacrifices with our money and property.”

Erdoğan then blamed the businesspeople for not having provided support during the COVID crisis, and boasted that his administration has built new hospitals.

“What did you do in support of the nation during the coronavirus pandemics? How many hospitals have you built to assist the state? We have, on the other hand, built the new city hospitals in our hardest time.”

The US Dollar and the Euro appreciated against the Turkish currency a further 5.4% by the morning on Monday, following Erdoğan’s speech as the long depreciation in TL has continued.