The Central Bank of Turkey will take all the necessary measures to keep inflation under control. The Economy Coordination Board in the country held a meeting in Ankara on Friday to discuss how to insulate the economy from the latest volatility in financial markets, which the politicians are mostly due to global developments. This was announced by the office of the Prime Minister after 4-hour session. The event originally was not part of the program of Binali Yıldırım for the day, but was announced around noon.
The panel of senior politicians of the country, including the chairman of the central bank Murat Cetinkaya, Vice-prime Mehmet Simsek, responsible for Treasury and Finance Minister Naci Agbalm held a meeting after the pound began to trade at record lows.
Turkish currency devalued by 1.1% against the USD early on Friday, as sentiment about emerging markets remained gloomy and investors were betting that the Turkish central bankers will raise the cost of credit, to support the currency when they meet for monthly meeting to determine interest rates on November 24.
“Central Bank of Turkey is closely monitoring these developments and will take the necessary measures in accordance with its objective of price stability”, says the official statement of Economy Coordination Board. “Also will be implemented reforms that will strengthen the economy’s resilience to shocks”, adds the statement.
After this meeting, the TRY managed to erase some of its earlier decline soon after the announcement and last traded for 3.3674 TRY per USD.
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