Turkey to emerge 'stronger' from currency crisis — finance minister

Turkey's Finance Minister Berat Albayrak promised on Thursday the country will emerge "stronger" from the currency crisis sparked by a diplomatic spat with the United States, and ruled out an IMF bailout.

"Turkey will emerge stronger from these [currency] fluctuations," Albayrak said in a conference call with thousands of foreign investors.

"There is no IMF plan, we have focused on attracting direct investments," he also said.

TRT World's Mobin Nasir reports.

Albayrak said Turkey's banks are "healthy and strong" and that implementing structural reforms and maintaining a tight monetary policy to fight inflation remain a priority. 

The minister ruled out any move to limit money flows — which is a possibility that worries investors — or any assistance from the International Monetary Fund.

TRT World's Oubai Shahbandar has some more details.

Albayrak was appointed last month and faces a tough task in getting the economy in order.

Turkey's relations with its NATO ally the United States have soured over the detention of an American pastor on terror-related charges.

A slide in the value of the Turkish lira turned into a rout last Friday when US President Donald Trump tweeted that his administration was doubling aluminium and steel tariffs for Turkey.

Last Friday, from a hall in the ornate Ottoman-era Dolmabahce palace on the shores of the Bosphorus, Albayrak outlined the government's new economic plan in a presentation to bankers and business leaders.

He promised central bank independence, tighter budget discipline, structural reform and "sustainable and healthy growth."

Albayrak said there would be no concessions on fiscal discipline and said, "We are targeting lowering inflation into the single digits as soon as possible."

He added that structural reforms would be a priority.