Financial stability committee convenes

Financial stability committee convenes

Financial stability committee convenes

Treasury and Finance Minister Nureddin Nebati chaired a meeting of the Financial Stability Committee in Ankara on Dec. 23.

Turkish Central Bank governor Şahap Kavcıoğlu, Banking Regulation and Supervision Agency (BDDK) head Mehmet Ali Akben and some other senior officials attended the meeting.

“The need for a coordination between the relevant institutions and organizations to develop new tools in order to protect the value of the Turkish Lira and strengthen savings was underlined,” said a statement from the ministry.

All the state instutitons will work to create stability as part of the “Turkey Economy Model” and provide sustainable growth in accordance with “transapernt, predictable and determined policy steps,” it added.

Meanwhile, the lira gained ground yesterday in newly announced parity rates against foreign currencies.

On Dec. 22, the Central Bank started releasing daily foreign exchange rates for FX-protected lira deposit accounts.

Yesterday, the U.S. dollar/lira exchange rate was 11.64 for buying and 11.66 for selling, down from 12.34 and 12.37, respectively. Euro rates were 13.18 and 13.21, down from 13.91 and 13.94, respectively.