World Bulletin / News Desk
The recent demand for the U.S. dollar against the Turkish lira comes amid shallow market conditions and appear to be an overly speculative move, a top advisor to President Recep Tayyip Erdogan said Wednesday.
Speaking to Anadolu Agency, Cemil Ertem said despite the need in Turkey for structural economic reforms, this shortcoming alone does not justify such sharp volatility in foreign exchange markets, pointing the finger at speculation.
“What are the core reasons for this phenomenon? The shallowness of Turkish markets due to the lack of structural reforms, and speculative moves,” Ertem said.
“We see there is no substantial demand for foreign exchange currencies from our exporters. We see there is also no strong demand from public institutions. So where does this demand for foreign currencies come from?” he asked.
The demand is speculative and coming from foreign markets, he said, adding that it was spurred by the start of parliamentary debate over a package of constitutional changes to move Turkey to a presidential system.
But Ertem said Turkey also needs to do its part in terms of structural reforms, adding that this is the only way to deepen the country’s financial markets and help prevent speculative moves from disrupting them.
If America issues arrest warrants for my bodyguards, I will not say that country is civilized, Turkish president says
Turkish president criticizes Donald Trump's policy regarding Muslims
Central government's gross debt stock climbs 2.68 pct last month compared to August, says Treasury
Airstrikes were carried out in Bingol province, military says
Turkish, Russian leaders agree to cooperate closely on regional issues in phone call
39 former police officers were remanded in custody in Ankara
Resat Petek says international organizations should attend cases relating to coup attempt
Foreign Ministry source denies claims that embassies of several European countries have stopped giving visas to Turks
Portuguese FM Silva says Joint Economic, Trade Commission meeting to take place in Lisbon, calls for boosting trade volume
Turkey-Russia parliamentary friendship group head Recai Berber says Russia is not Turkey's rival but partner
Over 5,000 new businesses started in September, a 36 pct year-on-year rise
Turkey’s economic influence is bigger than other member countries, Pakistan’s Foreign Minister Khawaja Asif says
BIST 100 index rises 0.30 pct while US dollar/Turkish lira rate stands at 3.6620
Turkey's national education minister stresses deep friendship with African countries at 3-day education gathering in Istanbul
Naval officers convicted of violating the Constitution, tying to overthrow and hinder parliament and government
Recep Tayyip Erdogan congratulates Azerbaijan, which gained its independence 26 years ago on Wednesday