Erdogan Retracts Threatening Remarks About Moving Assets out of Turkey

In a rare act of turnaround, President Recep Tayyip Erdogan retracted his threats against businessmen over moving assets out of the country and said Turkey is an open market economy with no restrictions on wealth or money transfer.

After roiling financial markets over signs of erecting barriers to block money flow to and out of the country, President Erdogan reversed his weekend remarks. He called businessmen who attempt to move their assets elsewhere “traitors.”

He said the transfer of wealth from Turkey is an act of treason to the country, urging the cabinet to halt any such moves.

His remarks stirred up chaos in the stock market and caused fears over a government step that could limit money flows.

“Turkey is an open-market economy. Anybody could move his/her money out of Turkey if it is for investment. We are not against it,” the president said on Tuesday.