November 26, 2022

Turkey’s DPM optimistic that

Lira fall is short term

LiraThe fluctuations in Turkish markets are temporary and will not derail the country’s economy, top Turkish official responsible for economy said Jan. 24.

“Those who put trust in Turkey’s long term accomplishments and stability will not regret it,” Deputy Prime Minister Ali Babacan said in a televised interview in Davos, Switzerland.

Babacan’s remarks came on a day the Turkish Lira dropped to new lows against the U.S. dollar and euro. The lira was 2.3270 against the dollar and 3.18 against the euro in the late afternoon trade. Borsa Istanbul also had losses as its main index dropped almost 2 percent to 64.137.
Stock MarketThe currency has plunged about 10 percent since mid-December – hitting new lows almost daily this year – battered by the political turmoil and concerns about its gaping currency account deficit.
Babacan downplayed the role of the political crisis, fueled by a corruption probe launched on Dec. 17 that targeted some ministers and the government’s move to increase its control over the judiciary, in market fluctuations, arguing the recent changes in exchange rates were caused by developments in global markets.
“Similar fluctuations were seen on Jan. 23 in many countries, including Russia,” Babacan said.The deputy prime minister said the global picture should be taken into account when developments in Turkey are analyzed.

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