Fluctuations in foreign exchange, oil prices only temporary: Minister

UŞAK

Steep fluctuations in foreign exchange markets and oil prices over the last couple of weeks are only “temporary” and largely stem from rising concerns about the situation in Syria, Turkish Finance Minister Naci Ağbal has said.

“Do not worry. We have witnessed steep fluctuations now, but all these will ease. Recent developments that have prompted these shifts in global markets will end very soon,” Ağbal told reporters during a visit to the western province of Uşak on April 13.

The Turkish Lira has plunged to a series of lows against the euro and the dollar over the past week, amid deteriorating economic indicators in Turkey and regional turbulence.

“Interest rate decisions by the central banks of the world’s most developed countries have also played a role in triggering these fluctuating moves. These global developments have affected Turkey and will be temporary,” Ağbal said.

He also hailed a recently launched 135 billion-lira economic incentive package, saying it would help address the country’s widening current account deficit problem.