Turkey's economy is recovering rapidly after coup, Erdogan says-UPDATE

"There was an attempt for a military coup on July 15, but the government continued to function on July 16. The dollar has depreciated against the Turkish lira, and stock prices rising. The Central Bank reserves reached $125 billion. The inflation rate in the country is less than 10 percent," said Erdogan.

He added that imposing a state of emergency does not prevent the development of the economy..

On August 2 Turkish Premier Minister Binali Yildirim during a teleconference in Ankara said that Turkey's economy is "still as steady as rock and there was not even a minor shock".

Earlier, Turkish Central Bank reported that Turkey's current account deficit fell 33 percent year-on-year to $2.86 billion in May 2016 from $4.27 billion a year earlier, bringing the 12-month rolling deficit to $27.25 billion.

A group of servicemen made an attempt for a military coup in Turkey on July 15. However, the rebelling servicemen started to surrender July 16 and Turkish authorities stated on a failure of the attempt for military coup.

Turkey’s President Recep Tayyip Erdogan said that the death toll as a result of the military coup attempt stood at 246 people excluding the coup plotters and over 2,000 people were wounded.

Erdogan declared a three-month state of emergency in Turkey on July 20.