Turkish Finance Minister will provide details of economic measures at 11:00GMT/06:00EST today; banks will commence the implementation of transactions of new instruments on Tuesday
Analysis details (08:54)
Yesterday:
- Turkish President Erdogan said Turkey is implementing measures in free market economy rules to ease volatility in Forex rate. He said Turkey is to introduce new financial instrument to soften the burden from volatile FX rates. Citizens will not have to convert Lira savings into FX due to the volatility, will encourage Lira savings.
- He said Turkey will not turn back from free market economy rules and they will stabilise the FX rate and inflation by continuing on the current path. He said Central Bank FX reserves will rise in excess of USD 135-150bln and no investor should take speculative steps.
- There will be no early elections and there is no shortage of Forex in Turkey and there is an abundance. He said those who think they can turn Turkey away with exchange rate speculation, price hikes and interest rate pressure are wrong, there is no turning back. He hopes to see a current account surplus in 2022 and suggested the banking sector is solid. (Newswires)
- Turkish Bank Association Head said around USD 1bln were sold in markets after President Erdogan announced new measures. (Newswires)
21 Dec 2021 - 08:52- - Source: Newswires
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