File photo
Germany is Turkey’s “most important trading partner,” an official of Germany’s Ministry for Economic Affairs and Energy said.
"Germany is Turkey's most important trading partner, and the trade volume between the two countries is 37.7 billion euros ($43 billion)," Beate Baron, the Ministry’s spokeswoman, said at a news conference in Berlin.
Baron said an assessment on whether the recent developments in Turkey would affect Germany could not be made at the moment.
Jeannette Schwamberger, spokeswoman for Germany’s Finance Ministry, said she has no information on whether the developments in Turkey will be discussed among the G20 members or whether a meeting would be held on the issue.
Schwamberger noted that the issues of currency and financial stability are monitored and analyzed by the relevant institutions and that the German Finance Ministry would not make an assessment on this issue.
Turkey is now facing a serious speculative attack lacking any economic basis, Adnan Bali, the CEO of private lender Işbank, said on Monday.When we look at Turkey's inflation, budget-deficit-to-GDP ratio, or debt-to-GDP ratio, the currency issue cannot be explained through economic fundamentals, he told BloombergHT and HaberTurk in a televised interview.Turkey's short-term -- 1 year or less -- liabilities total $180.6 billion, including $102 billion of them in lenders' obligations, with half of those non-residents' deposits, and the debts' refinancing ratio is 110 percent, he stressed.'Germany would like to see an economically prosperous Turkey'"Meanwhile, under the reserve option mechanism, banks have nearly $30 billion in the Central Bank, which provides $50 billion foreign exchange deposit limits for lenders," he said.Bali added: "Turkey's banking system has realizable foreign currency liquidity of around $50 billion. It refers to an unproblematic view."On private sector debt -- $73 billion -- he said their refinancing ratio is over 130 percent.Italy expects economic attack similar to TurkeyThere is no foreign exchange deficit in the Turkish banking system, according to Bali."The Central Bank and the banking watchdog's measures were positive," he stated.Today the Central Bank has said that it will provide banks' liquidity needs in addition to other measures.Last week there was balance in foreign currency transactions in Turkey, he highlighted adding that the country has crisis management experience and veteran managers.Erdoğan: Turkey’s economic dynamics are solidTurkey-US relations: From visionary to myopicTurkish minister hails Germany’s stance on US sanctionsTurkish economic structure solid: Presidential aideHow Turkey should respond to US’s economic war
Turkey facing serious speculative attack: Banker
Chancellor Angela Merkel said on Monday that Germany wants to see economic prosperity in Turkey and that Ankara should ensure the independence of its central bank."Noone has an interest in an economic destabilisation in Turkey. But everything must be done to ensure an independent central bank," Merkel said during a news conference in Berlin when asked about the economic situation in Turkey."Germany would like to see an economically prosperous Turkey. This is in our interest," Merkel added.Erdoğan: Turkey’s economic dynamics are solidTurkey-US relations: From visionary to myopicHow Turkey should respond to US’s economic war
'Germany would like to see an economically prosperous Turkey'
Turkey's Treasury and Finance Minister Berat Albayrak expressed gratitude to Germany's Economy Minister Peter Altmaier for his criticism of the U.S. sanctions against Turkey."I appreciate Mr. @peteraltmaier’s [Peter Altmaier] remarks on the most recent U.S. actions against Turkey," Albayrak said on his official Twitter account on Monday."Politicians who act in good faith and advocate diplomacy, will strengthen the Turkish people's confidence in our relations with Germany and the EU," he added.Germany has interest in stable Turkish economy: gov't spokesmanOn Sunday, the German minister had criticized U.S. President Donald Trump's decision to impose additional tariffs on Turkey.“This trade war slows down and destroys economic growth and produces new uncertainties," Altmaier was quoted as saying by Germany’s Bild am Sonntag newspaper.His remarks come after Trump ramped up his attack on Turkey by increasing U.S. tariffs on Turkish aluminium and steel imports to 20 percent and 50 percent, respectively.Broad basket of currencies losing ground against dollarEspecially consumers are affected by trade wars in the past due to the expensiveness, he underlined."Turkey stands for security and reliability in Europe, we are working together well with Ankara in terms of migration,” the German minister added.Turkish economic structure solid: Presidential aideHow Turkey should respond to US’s economic warTurkey 'most suitable' for investment despite perception operations: FMTurkey launches probe into suspected actions targeting economic security
Turkish minister hails Germany’s stance on US sanctions