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RSS FeedsTurkish financial crisis: Finance minister rules out IMF and capital controls - live updates
(The Guardian Turkey)

 
 

16 august 2018 15:50:43

 
Turkish financial crisis: Finance minister rules out IMF and capital controls - live updates
(The Guardian Turkey)
 


All the day´s economic and financial news, including the latest on the Turkish currency crisis that has spooked investorsLatest: Berat Albayrak is speaking to investors nowFinance minister pledges to fight inflation and support banksAlbayrak: Won´t need capital controls or the IMFEarlier:Introduction: Turkish finance minister faces credibility testProfile: Berat Albayrak: the Jared Kushner of Turkey 2.47pm BST On US sanctions, Berat Albayrak says Turkey will turn to other parties - such as China and Germany - help it navigate the current situation. 2.38pm BST Here´s Reuters´ first take on Albayrak´s conference call (which is still going on):Finance Minister Berat Albayrak said on Thursday Turkey won´t hesitate to provide support to the banking sector, which was capable of managing current volatility, and there has not been major deposit flow from banks lately.In a conference call with investors, Albayrak said Turkey had already taken measures to curb forex funding and corporate sare in a comfortable position to meet short-term liabilities. 2.37pm BST Albayrak is now talking about the need to co-ordinate fiscal and monetary policy.In other words, the government and the central bank need to work together to fight the crisis. 2.30pm BST Here´s Albayrak´s take-home message for investors:`We are experiencing unfavourable conditions, but we will overcome.` -- Turkish Finance Minister Albayrak(via @Reuters) 2.29pm BST Newsflash: Berat Albayrak says Turkey doesn´t have any plans to bring in capital controls [ie, restricting bank withdrawals and the movement of money in and out of the country].It also isn´t planning to turn to the International Monetary Fund, he tells investors. 2.27pm BST On the fiscal side of things, Albayrak says Turkey wants to boost its primary budget surplus.All ministries have been asked to contribute to an `ambitious savings programme`. 2.25pm BST Albayrak says that reducing inflation is Turkey´s top priority; it wants inflation to be in `single- ...


 
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