Turkey must restore its economic credibility if it hopes to secure needed foreign funding and return to growth, said President Tayyip Erdogan's former economy czar who recently broke away and founded his own party.
ANKARA - Turkey must restore its economic credibility if it hopes to secure needed foreign funding and return to growth, said President Tayyip Erdogan’s former economy czar who recently broke away and founded his own party.
Babacan said in an interview with Reuters that Turkey risks another slump in the lira unless it can access fresh sources of foreign exchange, after the currency fell to a record low last month, but that trust in its economic institutions had eroded. “The institutions had already lost their credibility,” he added. “You can dictate onion prices...but you cannot dictate the foreign exchange price, that’s not how the international markets work.”
The lira has been hit by fallout from the coronavirus pandemic and investor concerns over depleted net FX reserves and the country’s relatively high foreign debt obligations. Ankara won some support when Qatar tripled an existing currency swap line to $15 billion last month.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Twitter Axes 32,000 State-Linked Propaganda Accounts From Russia, China And TurkeyThe accounts, largely aimed at the nations&39; own citizens, bare massive campaigns to attack the truth.
Read more »
Greece ready to discuss maritime borders with TurkeyGreek Prime Minister Kyriakos Mitsotakis expresses his readiness to discuss the delimitation of maritime zones with Turkey
Read more »
Twitter uncovers state-backed networks linked to China, Russia, TurkeyTwitter permanently removed more than 32,000 accounts linked to three distinct operations attributed to China, Russia and Turkey violating the platform's manipulation policies, the social media company said
Read more »
Meet Esmeray: the black music diva of Turkey and icon of diversityRemembered as ‘black angel’, Esmeray Diriker’s crooning notes evoked the feeling of longing through the 1970s and 80s. Her songs still reverberate in the hearts of many Turkish people, including soldiers.
Read more »
Turkey dismisses Egyptian proposal for Libya ceasefire: HurriyetTurkey on Wednesday dismissed Egypt's proposal for a ceasefire in Libya, saying the plan aimed to save Khalifa Haftar after the collapse of his offensive to control the capital Tripoli, Hurriyet newspaper reported.
Read more »
Ex-U.K. Prime Minister Tony Blair says some coronavirus restrictions are 'not very clear'Former U.K. Prime Minister Tony Blair told CNBC that some of the rules put in place by the U.K. government in response to the Covid-19 crisis are not very clear.
Read more »