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.
Turkish lira steady against the US dollar following Moody's and Standard & Poor's ratings agencies downgrades on Friday.
Both Moody's and S&P downgraded Turkey, highlighting a weakening lira and high debt levels.
"If they have their iPhones, the others have their Samsung [phones]. In our country, we have Venus and Vestel," says Turkish President Erdogan while announcing boycott of US electronic goods amid an ongoing rift between the two NATO allies.
Turkey's Treasury and Finance Ministry said the new economic steps would be aimed at securing economic growth of three to four percent in 2019 and at tackling inflation. The lira traded down ahead of the announcement.
Turkey's Treasury and Finance Minister, Berat Albayrak, is expected to announce a new set of economic steps on Friday to curb the country's high inflation rate.
Turkish President Recep Tayyip Erdogan calls on Turks to convert their dollar and euro savings into lira, during a rally in Erzurum city, as Ankara vows action against speculative attacks amid the recent volatility in foreign exchange rates.
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