ANKARA: Tayyip Erdogan鈥檚 ruling party will discuss the possibility of holding Turkey鈥檚 presidential election in August, more than a year earlier than planned, the government spokesman said on Wednesday, following a suggestion from its nationalist allies.

The government had repeatedly dismissed the prospect of an early election. Erdogan, the president, last year narrowly won a referendum to change the constitution and create an executive presidency. However, those extended powers are not due to take effect until after presidential polls, now slated for November 2019.

鈥淭he party鈥檚 official institutions will make an evaluation and a statement will be made afterwards,鈥� Deputy Prime Minister Bekir Bozdag, the government鈥檚 spokesman, told reporters.

The leader of the small MHP nationalist party, currently in opposition but expected to form an alliance with Erdogan鈥檚 AK Party in parliamentary polls, also slated for November 2019, had said it would be difficult for the country to 鈥渆ndure current circumstances鈥� until then. He pointed to risks to Turkey including the economy and possible increases in migration into the country.

Erdogan said he would meet MHP leader Devlet Bahceli on Wednesday. Erdogan also said that the constitutional change would be fully implemented with the November 2019 elections 鈥� possibly hinting that early polls were not on the cards.

Following Bahceli鈥檚 comments, Turkey鈥檚 lira weakened to 4.1103 by 09:41 GMT, from 4.0865 beforehand. The Borsa Istanbul main stock exchange index fell more than 2 percent.

鈥楾urn for worse鈥�

Some investors have been factoring in the prospect of early elections, citing the difficulty of the government keeping the economy going at its current breakneck pace 鈥� it expanded at 7.3 percent in the fourth quarter 鈥� until late next year.

鈥淚t is going to be increasingly difficult to sustain the currently high growth rates until November 2019, when presidential/parliamentary elections are scheduled,鈥� Eurasia Group鈥檚 Naz Masraff said in a note to clients this week. 鈥淓arly elections are, therefore, likely later this year (60 percent likelihood) before the economy takes a turn for worse.鈥�

Erdogan, an economic populist and a self-described 鈥渆nemy of interest rates,鈥� wants to see cheaper bank loans and more credit growth to fund big construction projects and boost the economy ahead of the elections.

He has lashed out at international investors over a sell-off in the lira, which has hit a series of record lows and is down some 7 percent this year. Economists say the decline reflects entrenched wage growth and inflation, and interest rates must rise to arrest its fall.

鈥淭urkey has a government that has failed domestically and internationally,鈥� Bulent Tezcan, the spokesman for the main opposition CHP party, said in response to Bahceli鈥檚 call. 鈥淪erious economic troubles have come to our doorstep. The fire of the exchange rates won鈥檛 die.鈥�

The Iyi Party, a nationalist party that broke off from Bahceli鈥檚 MHP, said it would welcome early elections and was ready to field its candidate for president, former interior minister Meral Aksener.