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Turkey’s Albayrak Reins Capital Control as Policy Option


August, 17 2018
watermark Economic news

Treasury and Finance Minister Berat Albayrak of Turkey had excluded controls on capital movement as an option to the policy and urges to strengthen confidence amid conference call held yesterday.

The finance minister further stated that the main priorities were the restriction in inflation and contracting the current-account deficit. The remarks of Albayrak hinted for the economy chief’s thoughts of a dispute against the United States with regards the American pastor detention that displeased financial markets. The lira weakened a quarter of its value within a few weeks as the United States sanctioned the government staffs of President Recep Tayyip Erdogan, however, it was able to cut down some losses as the central bank and banking regulators caused higher value in betting the currency.


The Turkish lira was able to grow and currently trades strongly by 3.1 percent at 5.7660 per dollar at 4:46 pm in Istanbul. As Albayrak talked about inflation and mentioned that the central bank itself could not control the price hikes in its target level with the absence of fiscal policy. The economic growth is temporarily steady at 7.4 percent growth in the medium term recorded last year.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.