Treasury and Finance Minister Mehmet Şimşek said on Monday that they are analyzing the multidimensional effects of increasing geopolitical tensions on the Turkish economy and evaluating possible scenarios in detail.
"Our institutions are ready to take the necessary measures quickly and decisively, in strong coordination, to maintain stability in the markets and the healthy functioning of our economy," Şimşek said in a social media post.
The minister asked the Turkish citizens not to believe in speculations made about the Turkish economy based on scenarios in case the Hormuz Strait is closed.
"With our program, we have significantly increased the resistance of our economy to shocks," Şimşek noted.
"We are determined to fight inflation, and we will continue to take all necessary steps to ensure the continuation of disinflation," he added.
The regional tensions in the Middle East escalated on June 13 when the U.S.-backed Israeli military conducted airstrikes on Iran, prompting Tehran to launch retaliatory attacks on Israel.
Israeli authorities said at least 25 people have been killed and hundreds injured since then in Iranian missile attacks.
Meanwhile, in Iran, at least 430 people have been killed and more than 3,500 wounded in the Israeli assault, according to the Iranian Health Ministry.
The conflict escalated further after the U.S. bombed Iran's three nuclear facilities on Saturday.
The U.S. targeted the sites with six bunker-buster bombs dropped on the Fordo facility with B-2 stealth bombers, along with dozens of submarine-launched cruise missile strikes on the Natanz and Isfahan facilities.
The latest move by the U.S. sparked fears of Iran closing the Hormuz Strait, where 30% of the global crude oil and 20% of the liquefied natural gas (LNG) are transported.
Iran's Parliament agreed to close the Strait of Hormuz on Sunday, waiting for a final decision from the Supreme National Security Council, Maj. Gen. Esmaeil Kowsari, a member of Parliament’s National Security Commission, said.
