Turkey calls dollar volatility 'unnatural'

Fri 25 May 2018 05:12 GMT | 05:12 Local Time

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Presidential spokesman says Turkish economy is strong, has withstood effects of defeated coup.

Turkey's Presidential spokesman Ibrahim Kalin said on Thursday that state bodies including the Central Bank are working to solve the “unnatural” fluctuations in foreign exchange, according to Anadolu Agency.

In an interview with Best FM radio, he said there are many factors contributing to foreign exchange volatility stressing on Turkish economy’s strength to avert the situation.

"The Turkish economy is strong. If it was weak, it would have collapsed immediately after the July 15 coup attempt," he said, referring to the 2016 coup bid which left 250 people martyred and nearly 2,200 injured.

He added that Turkey will jump-start a new system after the June 24 elections to accelerate economic growth, and improve politics, security, and employment, in order to achieve the 2023 goal.

On Wednesday, the Central Bank announced an increase of late liquidity window interest rates by three percentage points. The borrowing rate was kept at 0 percent while the lending rate was increased from 13.50 to 16.50 percent.

The bank's move came after the U.S. dollar/Turkish lira exchange rate hit a historic high on Wednesday, climbing to around 4.93. Following the bank's decision, the dollar/lira rate fell steeply to below 4.60. 

At the beginning of the year, the USD/TRY rate was 3.78 while the average rate was 3.65 last year.

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