Dollar rate appreciation not to affect energy projects in Turkey, Turkish deputy PM says
Baku, Azerbaijan, May 14
By Rufiz Hafizoglu - Trend:
The dollar rate appreciation will not affect energy projects being implemented in Turkey, Turkish Deputy Prime Minister Ali Babacan told Trend.
He said that the energy projects, being implemented by Turkey, are long-term ones.
"The daily fluctuations of the dollar rate in Turkey do not pose a risk to the energy projects," Babacan said.
He said that as it is known, the dollar rate appreciation versus all currencies, including the euro, has been recently observed in connection with the monetary policy of the US Central Bank.
"The currency rate depreciation versus dollar is being observed not only in Turkey but also in a number of developing countries," Babacan said.
He also said that the fluctuations was observed in Turkey previously, but market stabilized every time. Babacan said that Turkey expects that the national currency rate will be stable in the future.
The national currency of Turkey renewed its historical minimum, reaching 2.6862 liras per $1 on March 6, 2015.
The process of strengthening the lira (by 9.4 percent) in 2014 continued until September of that year. The exchange rate of the national currency started cheapening in the subsequent months. [The dollar exchange rate in Turkey increased by 7.4 percent by late 2014].
During the latest meeting Apr.22, Turkish Central Bank didn't change the discount rate and kept it at 7.5 percent.
The official rate of the Central Bank of Turkey on May 14 is 2.6334 TRY / USD.
follow the author on Twitter: @rhafizoglu