Finance Minister Lutfi Elvan says Ankara will establish a finance-tech base and create lira-equivalent digital money.
Both Lutfi Elvan and Naci Agbal are experienced hands who understand the lira’s vulnerability and other challenges confronting the economy.
How are governments adapting to disruptive digital currencies like bitcoin and blockchain payment systems?
Syrian regime leader Bashar al Assad removed his prime minister of four years, as the country grapples with a stinging economic crisis and renewed protests. He is replaced by Water Resources Minister Hussein Arnous for an interim period.
The interim government and local councils announced the decision amid the Syrian Pound’s freefall as economic conditions worsened.
Experts say such threats are not new to the country and its banking regulator knows how to deal with such unethical financial conduct.
Finance Minister Berat Albayrak says the total value of the support has reached 200 billion lira ($28.7 billion), as coronavirus lockdown endures and death toll rises to 2,600.
Turkey's president is accusing the West, particularly the US, of manipulating lira rates ahead of nationwide local elections on Sunday.
Property investors have been flocking to Turkey in a bid to grab houses and apartments following lira's steady decline against the dollar and euro.
Turkey's Treasury and Finance Minister Berat Albayrak does not see a long-term risk to the economy or financial system despite current pressure on markets and the lira. Albayak's assessment was reported by the Hurriyet on Wednesday.
As the diplomatic row between the US and Turkey escalates, the Turkish community in the US watch closely the fluctuations in Turkish currency lira which has lost about 40 percent of its value against the dollar since the start of this year.
Turkey is the world's biggest hazelnut producer. But this year, floods and currency fluctuations are eroding farmers profits.
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