Turkey’s finance chief: Action plan ready to ease markets

Turkey Economy

People queue outside a currency exchange shop in an Istanbul's market, Friday, Aug. 10, 2018. A financial shockwave ripped through Turkey on Friday as its currency nosedived on concerns about its economic policies and a dispute with the U.S., which President Donald Trump stoked further with a promise to double tariffs on the NATO ally. (AP Photo/Mucahid Yapici)

Turkey Economy

A Turkish man leaves a currency exchange shop in Ankara, Turkey, Friday, Aug. 10, 2018. A financial shockwave ripped through Turkey on Friday as its currency nosedived on concerns about its economic policies and a dispute with the U.S., which President Donald Trump stoked further with a promise to double tariffs on the NATO ally. (AP Photo/Burhan Ozbilici)

Turkey Economy

Turkey's President Recep Tayyip Erdogan addresses his supporters in Black Sea city of Trabzon, Turkey, Sunday, Aug. 12, 2018. (Presidential Press Service pool via AP)

Turkey Erdogan

Turkey’s finance chief: Action plan ready to ease markets

byAssociated Press12 August 2018 17:06-04:00
ISTANBUL (AP) — Turkey’s finance minister said Sunday that the government has prepared “an action plan” aimed at easing market concerns that have led to a slump in the value of the nation’s currency.

In an interview with the newspaper Hurriyet, Treasury and Finance Minister Berat Albayrak also said the government had no plans to seize foreign currency deposits or convert deposits to the Turkish lira.

“As of Monday morning, our institutions will take the necessary actions and will share the necessary announcements with markets,” Albayrak was quoted as saying.

“All our precautions and actions plans are ready,” he added, without elaborating.

Turkey was hit by a financial shockwave this past week as the lira nosedived 14 percent Friday over concerns about the government’s economic policies and a trade and diplomatic dispute with the United States. The currency’s value has fallen more than 40 percent since the start of the year.

Earlier, President Recep Tayyip Erdogan warned of drastic measures if businesses withdraw foreign currency from banks.

Speaking in the northeastern city of Trabzon on Sunday, Erdogan warned business executives to not “rush to banks to withdraw foreign currency.”

He added that businesses should “know that keeping this nation alive and standing isn’t just our job, but also the job of industrialists, of merchants.”

During the speech, Erdogan reiterated his earlier claim that the crisis has resulted from “an operation against our economy conducted through exchange rates” and said Turkey would prevail.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



You are encouraged to leave relevant comments but engaging in personal attacks, threats, online bullying or commercial spam will not be allowed. All comments should remain within the bounds of fair play and civility. (You can disagree with others courteously, without being disagreeable.) Feel free to express yourself but keep an open mind toward finding value in what others say. To report abuse or spam, click the X in the upper right corner of the comment box.