Turkey’s Finance Minister Elvan: No compromise from free-market mechanism
|Turkey will not do away from its free-market mechanism and a free-floating currency regime, the country’s Finance minister Lutfi Elvan said in a statement on Monday.
Additional quotes
“Fiscal policies will support monetary policies to achieve price stability.”
“The macro policy framework would continue until there is a lasting fall in inflation, which has been double-digits for most of four years.”
The Turkish lira slumped to near record lows after the weekend sacking of the hawkish central bank Governor Naci Agbal.
USD/TRY corrects sharply
USD/TRY reverses some of the intraday gains to now trade at 7.9050, still adding about 10% on the day.
The lira plunged by 17% against the
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