Turkish PM says central bank will not hesitate to do what is necessary

Record ID: 164830

  • Title: Turkish PM says central bank will not hesitate to do what is necessary
  • Date: 17th January 2017
  • Summary: ANKARA, TURKEY (JANUARY 17, 2017) (REUTERS) TURKISH PRIME MINISTER, BINALI YILDIRIM ARRIVING AK PARTY HEADQUARTERS (SOUNDBITE) (Turkish) TURKISH PRIME MINISTER, BINALI YILDIRIM, SAYING: "Discussions were held on what needs to be done from now on. I want to stress the foundation of Turkish economy is strong. We are in a much better position comparing too many countries. The currency fluctuations we see today are temporary. It will have limited effect (on economy)." REPORTERS TAKING NOTES ON MOBILE (SOUNDBITE) (Turkish) TURKISH PRIME MINISTER, BINALI YILDIRIM, SAYING: "The central bank will continue to take whatever steps it needs to take by using its powers. Turkey will continue to grow with stability in the coming period." REPORTER ASKING A QUESTION YILDIRIM LEAVING
  • Embargoed: 31st January 2017 09:32
  • Keywords: Turkey markets currency dollar lira
  • Location: ANKARA, TURKEY
  • City: ANKARA, TURKEY
  • Country: Turkey
  • Topics: Currencies/Foreign Exchange Markets,Economic Events
  • Reuters ID: LVA0015ZGYOI5
  • Aspect Ratio: 16:9
  • Story Text:The Turkish central bank will not hesitate to take whatever steps are necessary after the lira's sharp falls, Prime Minister Binali Yildirim told reporters on Tuesday (January 17) after a meeting of top economy officials and President Tayyip Erdogan on Monday night.
    Yildirim said there was discussion of what needs to be done at the meeting, but added the central bank is independent and it would be wrong to say what it would do.
    The Turkish central bank removed the 8.5 percent funding quotation on Borsa Istanbul on Tuesday after providing some funding for the second day in a row, forcing banks to borrow using its "late liquidity window" at 10 percent, bankers said.
    The bank also did not open a one-week repo auction for the fourth consecutive day as it tightened lira liquidity to shore up the currency, which has lost as much as 10 percent of its value against the dollar this year.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2017. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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