Turkey's President Recep Tayyip Erdogan gestures as he delivers a speech to supporters of his ruling Justice and Development Party, AKP, during a rally in Agri, eastern Turkey, Sunday, Dec. 3, 2017. (Yasin Bulbul/Pool via AP)
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Turkey's President Recep Tayyip Erdogan Monday ruled out capital controls as he clarified his demand for measures to prevent the smuggling of wealth abroad by unnamed businessmen he branded as traitors.Although Erdogan has ruled out any capital controls, his statement Monday will also serve as a warning to businesspeople, said Wolfango Piccoli, co-founder of Teneo Intelligence in London.Erdogan's equation of wealth-smuggling and treason, first made Sunday, builds on his allegations of an international conspiracy against his government, more than a year after a coup attempt.Turkish businesses invested more than $40 billion abroad over the past year, Erdogan said.Deputy Prime Minister Mehmet Simsek assured businesspeople that restricting capital flows has not been on the government's agenda.
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