AGL 38.44 Increased By ▲ 0.94 (2.51%)
AIRLINK 223.51 Increased By ▲ 0.62 (0.28%)
BOP 10.84 Increased By ▲ 0.02 (0.18%)
CNERGY 7.59 Increased By ▲ 0.03 (0.4%)
DCL 9.47 Increased By ▲ 0.05 (0.53%)
DFML 40.90 Decreased By ▼ -0.06 (-0.15%)
DGKC 105.50 Decreased By ▼ -1.26 (-1.18%)
FCCL 36.70 Decreased By ▼ -0.37 (-1%)
FFL 19.39 Increased By ▲ 0.15 (0.78%)
HASCOL 13.22 Increased By ▲ 0.04 (0.3%)
HUBC 132.30 Decreased By ▼ -0.34 (-0.26%)
HUMNL 14.59 Decreased By ▼ -0.14 (-0.95%)
KEL 5.34 Decreased By ▼ -0.06 (-1.11%)
KOSM 7.58 Increased By ▲ 0.10 (1.34%)
MLCF 47.88 Decreased By ▼ -0.30 (-0.62%)
NBP 66.48 Increased By ▲ 0.19 (0.29%)
OGDC 222.80 Decreased By ▼ -0.46 (-0.21%)
PAEL 44.76 Increased By ▲ 1.26 (2.9%)
PIBTL 9.12 Increased By ▲ 0.05 (0.55%)
PPL 197.60 Decreased By ▼ -0.64 (-0.32%)
PRL 42.20 Decreased By ▼ -0.04 (-0.09%)
PTC 27.30 Decreased By ▼ -0.09 (-0.33%)
SEARL 109.90 Decreased By ▼ -0.18 (-0.16%)
TELE 10.56 Increased By ▲ 0.04 (0.38%)
TOMCL 36.60 Decreased By ▼ -0.02 (-0.05%)
TPLP 14.99 Increased By ▲ 0.04 (0.27%)
TREET 26.70 Increased By ▲ 0.17 (0.64%)
TRG 68.52 Decreased By ▼ -0.33 (-0.48%)
UNITY 34.10 Decreased By ▼ -0.09 (-0.26%)
WTL 1.77 Decreased By ▼ -0.02 (-1.12%)
BR100 12,441 Increased By 77.6 (0.63%)
BR30 38,180 Decreased By -38.4 (-0.1%)
KSE100 117,472 Increased By 352 (0.3%)
KSE30 37,053 Increased By 116 (0.31%)

The Turkish economy will hopefully overcome the impacts of a currency crisis last year with just two quarters of contraction, Turkey's Finance Minister Berat Albayrak said on Sunday. Speaking to broadcaster CNN Turk, Albayrak referred to Turkey's performance during the 2008 global financial crisis when the economy contracted for four consecutive quarters.
"Turkey will get over this period hopefully with two quarters (of contraction) and with minimum negative impact," Albayrak said. "The first quarter data year-on-year and when compared to last quarter, technically rebalancing, recovery process will extend more than two quarters."
The Turkish economy contracted 3.0 percent year-on-year in the fourth quarter of 2018, after a currency crisis knocked some 30 percent off the value of the lira last year. Economists expect two more quarters of contraction year-on-year. The lira has lost as much as 15 percent against the dollar this year, with the latest weakness driven by investor concerns over Monday's decision to re-run a mayoral election in Istanbul that had been narrowly won by the main opposition party.
Turkey's central bank moved to tighten policy by funding the market through a higher rate and took additional liquidity steps, while state banks sold dollars to boost the local currency. Albayrak said Turkish inflation and employment will improve this year, while the government will implement necessary reforms without hesitation. "Turkey, especially inflation and employment, will reach a better, more balanced place till the end of 2019," Albayrak said.

Copyright Reuters, 2019

Comments

Comments are closed.