Turkey to take action on Monday to ease market fears - Reuters

Joshua Gibson FXStreet

As reported by Reuters, Turkey's Finance Minister Berat Albayrak has notified Turkish media outlets that Turkey will be taking steps beginning on Monday morning to begin easing market tensions over the rapid decline in Turkey's lira.

Key quotes

"In an interview with Hurriyet newspaper, Albayrak said a plan has been prepared for banks and the real economy sector including small to mid-sized businesses, which are the most affected by the foreign exchange fluctuations.

“From Monday morning onwards our institutions will take the necessary steps and will share the announcements with the market,” Albayrak said. “All our action plan and measures are ready,” he said, but did not provide details on what those steps would be.

On the brink of a full-blown currency crisis, Turkey’s lira plunged to a record low on Friday, tumbling as much as 18 percent in its biggest daily drop since 2001. “This is the sign of a clear attack, a challenge,” Albayrak said.

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Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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