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Following the appointment of Berat Albayrak as finance minister on Monday night, the Turkish lira lost 4% against the dollar, a decline of more than 24% this year, after a slight recovery Tuesday afternoon. At the same time, the XU100 index of the Istanbul Stock Exchange is down 2.9%.
In a statement on Tuesday, Berat Albayrak said:
"From now on, we will work day after day to ensure that our attitude towards the budget and financial discipline does not continue in the same direction but on a better one. In the past, Erdogan described high interest rates as "the root of all evils", which raised fears that his low interest rate ambitions would reduce the interest rate. Central Bank Space to Support
Paul McNamara Portfolio Manager at GAM Holding tells the Wall Street Journal that there is a real risk that the situation will degenerate into a large-scale currency crisis.
"We let's see so many warning signals associated with past financial crises "he says.
Atilla Yesilada, an economist at GlobalSource Partners in Istanbul, told Bloomberg that Erdogan should have learned lessons to mingle with x markets. [1965900] 5] "Obviously, he believes that he can control those he wants."
Turkey is one of the countries with the most much of the foreign currency sovereign debt of 53.4%, which makes the country vulnerable to
According to the WSJ, at present, it is not clear whether the new rules will affect the mandate of the current president of Murat Cetinkaya, which extends until 2021.
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