Deputy PM Ali Babacan said on Friday (Jan 24) at a panel in Davos that the recent volatility in the Turkish markets was basically a re-pricing process due to U.S FED’s tapering and local political developments.
This volatility is temporary, the Central Bank is taking the necessary steps and there has not been an exodus of capital, Babacan said, adding that the government is also moving to reduce the political tension.
However, TRY hit a new record low on Friday despite the Central Bank’s direct intervention in the forex market on Thursday by selling USD. Bankers said the Bank sold around USD 3bn on Thursday and the Bank’s net forex reserves are less than USD 40bn.
Revising its forecasts is not on the government’s agenda, Babacan also said, reiterating that the Turkish economy will grow 4% this year and current account deficit is expected to fall.
Italian President Sergio Mattarella on July 18 said during a visit to Azerbaijan that Italy is committed to the Trans-Adriatic Pipeline (TAP). Italy is at the end of the planned Southern Gas ... more
The US State Department on July 16 said it was working with Nato ally Turkey on the potential sale of a Raytheon Co Patriot missile defence system to render Ankara's planned purchase of a ... more
Turkey was effectively an authoritarian state before its landmark June 24 elections and polling day did no more “than consolidate an authoritarianism that was already in place”, Howard ... more