Action plan to support Turkish Lira underway, Turkey's Treasury Minister Albayrak says

Action plan to support Turkish Lira underway, Turkey's Treasury Minister Albayrak says

ANKARA
Action plan to support Turkish Lira underway, Turkeys Treasury Minister Albayrak says

Turkey's Treasury and Finance Minister Berat Albayrak has said that an action plan is coming into effect starting early Aug. 13 to support the Turkish Lira.

"From Monday morning onwards our institutions will take the necessary steps and will share the announcements with the market," Albayrak said in an interview for daily Hürriyet's editor-in-chief Vahap Munyar late Aug. 12.

The minister also said a plan has been prepared for banks and the "real" economy, including small to mid-sized businesses which are most affected by the foreign exchange fluctuations.

"We will be taking the necessary steps with our banks and banking watchdog in a speedy manner," he said.

Albayrak dismissed any suggestion that Turkey might intervene in dollar-denominated bank accounts, saying any seizure or conversion of those deposits into lira was out of the question, warning that "legal action will be taken against those who spread rumors and lies."

In the interview Albayrak described the lira's weakness as "clearly an attack," echoing Turkish President Recep Tayyip Erdoğan.

After Albayrak's statement, the Turkish lira traded stronger than 6.80 to the dollar, pulling back from a fresh low of 7.24 overnight.

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Turkish Lira, Turkey sanctions, economy