Heading into today’s much-anticipated speech by Turkey’s president Erdogan, market expectations were high for at least a trace of conciliation; some analysts even expressed hopes that the central bank, i.e. Erdogan, would greenlight a rate hike as follows:

However, it was not meant to be, and it will probably not comes as a great surprise that the recently crowned “executive president” took the populist route and again urged Turks to “reach for the FX savings under their mattresses and sell them for liras” which he said is going to be the most effective response to the West… although probably not, because as Bloomberg points out, according to the latest data Turkish residents held $158.6 billion dollars of FX deposits as of Aug. 3, and the number has surely risen in the past week.

Here is the punchline from his speech:

“We’re going to continue to respond in kind to hands extended in friendship. Still, we have plans against all possibilities. I’m calling on interest rates lobbies: don’t get high on your ambitions. You won’t be able make money on the back of this nation. You won’t be able to make this nation kneel.”

Some more highlights from Erdogan’s defiant speech: