Turkish Presidential spokesman Ibrahim Kalın
Presidential spokesman Ibrahim Kalin on Monday said the government is taking necessary steps for stability in the country urging people not to pay heed to speculations about Turkish economy.
"Turkish economy's structure is solid, nobody should trust speculative news and actions," he wrote on his official Twitter account.
Kalin added that Turkey's Treasury and Finance Ministry, the Central Bank, the Banking Regulatory and Supervision Agency, the Capital Markets Board and other institutions are taking steps for financial stability.
"Turkey will come out stronger from this process," Kalin added.
His remarks came after Trump ramped up his attack on Turkey by raising U.S. tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively.
Turkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey.
Turkey is one of the most suitable countries in the world for investment despite being subjected to all types of perception operations and campaigns, said Turkish Foreign Minister Mevlüt Çavuşoğlu on Monday. “We’re working to increase foreign investments and we’re at the service of Turkish citizens,” said Çavuşoğlu at the 10th Ambassadors Conference.We expect the U.S. to be faithful to our traditional friendship and NATO alliance, said the Turkish FM, noting that Washington should learn that “they will not achieve results with threats.” He also pointed that Turkey has done enough to repair its ties with the U.S., stressing that the White House acted “contrary to their alliance regarding fundamental security issues.”Turkey Central Bank to provide all liquidity banks needBanks' liquidity needs will be provided by the Central Bank of the Republic of Turkey (CBRT), the bank announced on Monday after the Turkish lira experienced a sharp decrease in value following an escalating row between NATO allies Ankara and Washington."In the framework of intraday and overnight standing facilities, the Central Bank will provide all the liquidity the banks need," the bank said in a written statement.Turkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gül for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey.Erdoğan slams US for preferring terrorists as partnerTurkish senior official warns of perception operationU.S. President Donald Trump on Friday ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively.Erdoğan challenges USTurkish President Recep Tayyip Erdoğan in his turn said Turkey would turn toward new markets, new partners and alternative financial tools.“If you pressure us through the dollar, we will look for other ways to carry out our works,” he said.Terming the recent U.S. tariffs on Turkey as an “economic war,” the Turkish president said: “We’ve seen your game and we challenge it.”The aim of the recent U.S. pressure is “to ensnare Turkey in every field from finance to politics,” the president noted.“We will not surrender,” Erdoğan asserted.
Turkey 'most suitable' for investment despite perception operations: FM
Istanbul prosecutor's office launched an investigation into individuals suspected of involved in actions that threaten Turkey's economic security.Turkey was targeted by an economic attack, the prosecutor's office said and pledged to take legal action against all written and visual news as well as social media accounts which it deemed to serve towards the purpose of this attack.Turkey Central Bank to provide all liquidity banks needErdoğan slams US for preferring terrorists as partnerNo deposits will be seized: Turkish FinMin
Turkey launches probe into suspected actions targeting economic security
Banks' liquidity needs will be provided by the Central Bank of the Republic of Turkey (CBRT), the bank announced on Monday."In the framework of intraday and overnight standing facilities, the Central Bank will provide all the liquidity the banks need," the bank said in a written statement.It added: "Banks will be able to borrow foreign exchange deposits in one-month maturity in addition to one-week maturity."If needed, the Central Bank may increase lenders' current foreign exchange deposit limits -- $50 billion -- and improve utilization conditions.No deposits will be seized: Turkish FinMinTo provide banks flexibility in their collateral management, the Central Bank revised discount rates for collaterals against Turkish lira transactions, said the statement.The bank added: "Through this regulation, the discounted value of banks’ current unencumbered collaterals is projected to increase by approximately 3.8 billion Turkish liras ($555.4 million)."The Central Bank also raised foreign exchange deposit limits for lira transactions of lenders from €7.2 billion ($8.2 billion) to €20 billion ($22.8 billion).The Central Bank also lowered Turkish lira reserve requirement ratios by 250 basis points for all maturity brackets, and reserve requirement ratios for non-core FX liabilities by 400 basis points for up to three-year maturities.Russia to increase use of local currencies for tradeThe bank also announced that it will continue its intermediation in the foreign exchange deposit market."Accordingly, through the intermediation of the Central Bank, banks will be able to borrow from and lend to each other at the FX deposit market as per the rules set by the Implementation Instructions on the Foreign Exchange and Banknotes Markets," it added.It said: "Banks will continue to purchase foreign bank notes from the Central Bank via foreign exchange transactions within their pre-determined limits at the Foreign Exchange and Banknotes Markets."The bank also said that it raised the maximum average maintenance facility for foreign exchange liabilities to 8 percent."With this revision, approximately 10 billion Turkish liras ($1.46 billion), $6 billion, and $3 billion equivalent of gold liquidity will be provided to the financial system," it added.Market depth and price formations will be monitored by the Central Bank closely, which will take all necessary measures to protect financial stability, if needed, said the bank.
Turkey Central Bank to provide all liquidity banks need
Russia will increase using ruble and other currencies like euro, rather than the U.S. dollar for trade, the country’s finance minister said on Sunday.In an interview to Rossiya 1 TV, Anton Siluanov described the US dollar a “risky tool” for payments in international trade.“We have significantly reduced our investment in the U.S. assets,” Russia Today reported Siluanov as saying. “In fact, the dollar, which is considered to be the international currency -- becomes a risky tool for payments,” he said.The statement came after Washington announced its plans to impose sanctions on Moscow over alleged poisoning of a Russian agent and his daughter on UK soil.Russia's Lavrov to discuss planned four-way Syria summit in AnkaraSergei and Yulia Skripal were poisoned by a nerve agent in March in the southern English city of Salisbury.The British government has blamed the incident on Russia, linking the nerve agent to a series of Russia-developed chemical weapons collectively known as Novichok.The Kremlin has rejected the allegations.The Skripals have since recovered from the alleged assassination attempt.
Russia to increase use of local currencies for trade