Turkey says it has economic plan to rescue the lira

Turkey says it has economic plan to rescue the lira
A plunging lira has seen economic worries in Turkey. Ankara thinks it has a plan to solve the crisis.
2 min read
13 August, 2018
Turkey is suffering from a plunging lira [AFP]
Turkey Finance Minister Berat Albayrak has announced a new economic plan to help rescue the plunging lira, which will be unveiled later on Monday.

"From Monday morning onwards our institutions will take the necessary steps and will share the announcements with the market," Albayrak told Hurriyet newspaper.

"We will be taking the necessary steps with our banks and banking watchdog in a speedy manner."

He echoed President Recep Tayyip Erdogan's sentiments that Turkey was "under attack" by hostile powers, as the lira crashes to record lows against the dollar.

Albayrak - who is Erdogan's son-in-law - said Turkey will not intervene in dollar-denominated bank accounts, according to Reuters.

But the economic programme for Turkey will be radical and robust, making the necessary steps to help halt the fall of the lira - which has lost nearly half of its value in 2018 - and help sustain economic growth.

"We will be entering a strong period in terms of fiscal policies," he said.

Banks that will be supported by the government include small and medium sized enterprises.

The lira has crashed since President Donald Trump announced that the US was doubling tariffs on Turkish steel and aluminium on Friday.

Much of the current fracas between the two countries revolves around the detention by Turkey of American pastor Andrew Brunson.

Agencies contributed to this story.