The Turkish government expects a stable exchange rate for the national currency as a result of its strategy to restore the country's financial system, Finance Minister Nureddin Nebati said on Tuesday
ANKARA (Pakistan Point News / Sputnik - 04th January, 2022) The Turkish government expects a stable exchange rate for the national Currency as a result of its strategy to restore the country's financial system, Finance Minister Nureddin Nebati said on Tuesday.
"As a result of the measures we announced earlier, we expect the fluctuations in this transition period to decrease over time, and the exchange rate to become stable," Nebati was quoted as saying by the Anadolu news agency.
The government has implemented a set of tools to improve the current situation, including "currency-protected Turkish lira deposit accounts" and "Turkish lira-settled forward sales of foreign currency" for exporters to improve market expectations and remove uncertainties that may hinder investment and production decisions, the minister added.
Over the last year, the Turkish currency suffered a sharp fall, losing over 50% of its value with $1 equating to 18.4 lira in late December 2021, opposed to 7.4 lira in January 2021.
In December, Turkish President Recep Tayyip Erdogan unveiled a state strategy to curb the lira's drop, decried by the opposition as a demonstration of the leader's economic incompetence, dragging the country into an economic crisis. In the wake of these accusations, opposition leaders called for an early general election.
Erdogan denied the claims and reaffirmed that the election will be held as planned in July of next year.
