Turkey to continue taking steps within free market rules: Albayrak

Turkey to continue taking steps within free market rules: Albayrak

ANKARA

Turkey’s Treasury and Finance Minister Berat Albayrak has said Ankara will continue taking steps within the rules of the free market.

“All of our private sector has displayed a very decisive stance. I would like to say here we will continue to take steps within the rules of the free market. We will protect our Turkish Lira,” Albayrak said at a symposium in Ankara marking the anniversary of the ruling party’s foundation on Aug. 14.

“Such attacks are risks for all countries in global financial markets. Everyone sees that the U.S. dollar lost credibility,” Albayrak added, referring to the rapid fall of the lira after United States President Donald Trump’s decision to double tariffs on aluminum and steel on Turkey amid a deepening crisis between the two sides over the continued detention of American pastor Andrew Brunson.

Albayrak also said fighting inflation and current account deficit are main priorities to establish a “much stronger Turkish economy.”

The Turkish minister will address foreign investors on Aug. 16.

According to Demirören News Agency, a teleconference will be organized in coordination with Citibank, Deutsche Bank, DOME Group and HSBC.

Some 1,000 foreign investors, particularly from the United States, Europe and the Middle East, are expected to join the meeting, which is scheduled to be held at 4 p.m. Istanbul time.

The call for global investors, which will be held ahead of the publication of Turkey’s Medium Term Program, will be hosted by David Lubin, Chief Emerging Markets Economist of Citi Research, the organizers said in a statement.

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