(Cihan News Agency) - Turkish Government spokesman Justice Minister Cemil Cicek stated on Monday evening that there had been a significant fall in the value of foreign currencies following the recent measures taken by the Turkish Central Bank.
Spokesman Cicek made his remarks after the meeting of the cabinet of ministers held on Monday in Ankara at the Prime Minister's office, where the focus was primarily on economic developments and the latest situation in the markets, reports Trend.
Minister Cicek stated that the recent volatility in the Turkish markets was due to external factors. "Against these fluctuations infrastructural and institutional measures have been taken….There's no need for an atmosphere of panic. Turkey is not the Turkey of three years ago," he said.
While stressing the independence of the Turkish Central Bank, Government Spokesman Cicek went on to state that Turkey had taken the necessary measures as a country which conformed to a free market economy.
On Monday эЬьthe Turkish Central Bank (CB) intervened in the foreign currency markets with the "direct sale" of $500 million.
According to a statement issued by the CB on Monday, the Turkish CB is also to hold tenders for Turkish lira in order to collect excess Turkish liras circulating in the markets.
The CB statement on Monday went on to say that the bank would continue to intervene by means of direct currency sales if excessive fluctuations in the exchange rates continued.
The Central Bank on Sunday decided to increase the short-term interest rates by 2.25 percent to 17.25 percent, the second such increase in the last 20 days, during an emergency meeting in Ankara, the second within three weeks - after failing to quell the volatility in the currency markets despite two direct interventions regarding the US dollar.