*ANKARA – Turkey on Wednesday made it easier for foreigners to becomeTurkish citizens by cutting the financial and investment criteria requiredfor citizenship, according to a decree from President Recep Tayyip Erdogan.*

Foreigners now need only to have $500,000 deposits in Turkish banks, downfrom $3 million before while fixed capital investment was reduced from $2million to $500,000 dollars, the decree published in the Official Gazettesaid.

Meanwhile individuals can obtain citizenship if they employ 50 people, downfrom the previous 100, while those who own property worth $250,000 canbecome Turkish citizens, compared to the previous value necessary of $1million.

The decree is the latest in a series by Erdogan in what appears to be a bidto prop up the embattled Turkish lira and the economy which slowed down inthe second quarter.

Last week, the president ordered that contracts for the sale, rent andleasing of property in or indexed to foreign currencies would not beallowed.

The Turkish currency fell against the US dollar drastically in August afterone of the most bitter spats between Ankara and Washington over thedetention of an American pastor.

The lira lost nearly a quarter in value against the greenback in August.

But there had been investor concerns over domestic economic policy andErdogan’s continued opposition to high interest rates, although the centralbank aggressively hiked its main policy rate 6.25 percent to 24 percentlast week.

Erdogan will later meet with representatives of American companies workingin Turkey at 1500 GMT at his presidential palace in Ankara, according tothe presidential website.

He will meet with 30 senior executives, according to HaberTurk daily,including representatives from Microsoft and Google. – APP/AFP