Turkish Treasury and Finance Minister Berat Albayrak in France
Turkish Finance Minister Berat Albayrak said he does not see a big risk to the country's economy or financial system.
"We do not see a big risk about Turkey's economy or financial system," Albayrak said on Wednesday when asked about the biggest risk for 2019.
He said he does not see a big risk because Turkey's net public debt and household debt are very low and its financial system is very strong.
Albayrak made the comments to reporters on the plane back from his visit to Paris on Monday.
Turkey and France on Monday agreed to further boost their economic ties, including in the fields of energy, agriculture, technology and defense industry, Turkish Treasury and Finance Minister Berat Albayrak said in Paris.Speaking at a joint news conference with French Economy and Finance Minister Bruno Le Maire, Albayrak said: "We also think that improving cooperation in the financial sector, banking and insurance sectors will be beneficial."The two countries also reiterated their stance to jointly take action against the U.S. move targeting Turkey, the EU and others, he said."Those kind of steps [the U.S. has] taken with political motivations will affect not only the global financial system but also global trade and regional stability; it will create uncertainty and great problems."He said the U.S. approach would also lead to chaos, which in turn feeds terrorism and refugee crises.Albayrak added: "The dollar, unfortunately, has lost its status as a reliable instrument in global trade".He said Turkey aims to increase its trade with the EU in euro.Le Maire said economic stability of Turkey and Turkish companies is beneficial for France, Europe and everyone."France will continue to back all French companies who trade and want to trade with Turkey," Le Maire said.Turkey and the U.S. are currently experiencing rocky relations after Washington imposed sanctions on two Turkish Cabinet ministers for not releasing an American pastor facing terrorism-related charges in Turkey.On Aug. 10, the U.S. President Donald Trump ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports. In retaliation, Turkey increased tariffs on several U.S.-origin products, including alcohol and tobacco products and cars on Aug. 15.
Turkey, France agree to boost economic ties
Albayrak has signalled that Turkey wants to mend its ties with the European Union as it faces what he said are moves by the United States that threaten the global economy.
He and President Recep Tayyip Erdoğan have also emphasised that Turkey would aim to trade in local currencies rather than use the dollar.
Albayrak said that steps would be taken to prevent foreign currencies from being used for real estate and shopping-mall store rents and sales.