At the signing ceremony for the Aegean Free Zone Expansion and Time Extension and the Aliağa Free Zone Protocol Economy Minister Nihat Zeybekci said there is no reason for the recent speculative jumps or fluctuations in exchange rates and the negative atmosphere in Turkey and he emphasized that Turkey is a big, strong country.
On Thursday, a historic record was set as the Turkish lira dropped to TL 3 to the dollar, pressured by political uncertainty following the failure of coalition talks and an expected Fed rate hike. The dollar was trading at 2.91 on Friday. Citing Turkey's private and public sector debt at $400 billion and private sector short term debt at $120 billion, Zeybekci assured that Turkey would not go through a crisis. "The capital adequacy ratio of our banks is the best in Europe. Our budget deficit is one of the best in the world. When we look at the current account deficit we see a perfect recovery in the last two years. The foreign trade deficit is about to reach a historic peak in terms of recovery. The rate of exports meeting imports will reach nearly 80 percent by the end of the year. While exports continue to decrease rapidly in the world, we expect a recovery, as namely, the surplus value of Turkey's exports in August. I am giving this information for the first time here," Zeybekci said. He said: "There is no ground for the speculative jumps or fluctuations of exchange rates and negative atmosphere in Turkey, and if someone claims otherwise, they have to explain to me on what grounds negative incidents are expected to happen in Turkey." He also wanted finance commentators, who discuss stock exchanges and exchange rates, not to help speculators.
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