Measures to support the economy will be announced by the Turkish Ministry of Finance on Thursday night, in a move that helped the Turkish pound recover.
It is noted that the pound slipped earlier on Thursday to 17.3 against the dollar, after closing at 17.17 pounds on Wednesday, but to recover after the announcement of the Ministry of Finance at 16.94 pounds per dollar.
“Unfortunately, some circles are taking every opportunity to recklessly challenge Turkey’s status as a free market economy with a liberal exchange rate,” the Turkish Finance Ministry said in a statement, citing new measures to support the economy.
“Fast and focused steps will continue to be taken,” the Turkish ministry said, adding that these would mainly concern issues of inflation and the exchange rate.
The finance ministry’s announcement comes after S&P Global announced on Wednesday that there was a growing risk that Turkey would introduce additional capital controls if pressure on foreign exchange and financial markets continued to intensify.
Source: Capital
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