Turkiye takes global stage to tackle economic crisis
Shafaq News/ Recent developments inTurkiye's economy will be discussed on an international level, the TurkishMinistry of Treasury and Finance announced on Tuesday.
Finance Minister Mehmet ?im?ek andCentral Bank Governor Fatih Karahan will discuss Turkiye’s latest economicdevelopments in a call at 13:00 GMT, hosted by Citigroup and Deutsche Bank, aspart of efforts to reassure investors following recent political and economicturmoil, the ministry stated.
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What Happened?
On Wednesday, Turkish policearrested Ekrem ?mamo?lu, President Recep Tayyip Erdo?an’s main rival. A courtlater ruled to hold him in pretrial detention on corruption-related charges.
The decision sparked the country’slargest protests in over a decade, with opposition figures and European leaderscondemning it as “politically motivated and undemocratic.”
These developments shook financialmarkets, leading to sharp declines in the Turkish lira, stocks, and bonds.However, Istanbul’s main stock index closed 3% higher on Monday, while the liraheld steady against the dollar.
To contain the crisis, the Ministryof Treasury and Finance, together with the Central Bank, the Banking Regulationand Supervision Agency, and the Capital Markets Board, held a series ofmeetings with key market players. Measures included raising the overnightlending rate by two percentage points to 46%, injecting approximately $14billion in foreign currency to stabilize financial markets, and imposing ashort-selling ban on the Istanbul Stock Exchange to curb volatility.
