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Turkey to take action on Monday to ease market fears - Reuters

2018/8/10 20:53:33 EMR FX Edit
Turkey to take action on Monday to ease market fears - Reuters

As reported by Reuters, Turkey's Finance Minister Berat Albayrak has notified Turkish media outlets that Turkey will be taking steps beginning on Monday morning to begin easing market tensions over the rapid decline in Turkey's lira.

Key quotes

"In an interview with Hurriyet newspaper, Albayrak said a plan has been prepared for banks and the real economy sector including small to mid-sized businesses, which are the most affected by the foreign exchange fluctuations.

“From Monday morning onwards our institutions will take the necessary steps and will share the announcements with the market,” Albayrak said. “All our action plan and measures are ready,” he said, but did not provide details on what those steps would be.

On the brink of a full-blown currency crisis, Turkey’s lira plunged to a record low on Friday, tumbling as much as 18 percent in its biggest daily drop since 2001. “This is the sign of a clear attack, a challenge,” Albayrak said.

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