Şimşek: All steps taken to keep markets steady
ANKARA
In response to recent market fluctuations, Treasury and Finance Minister Mehmet Şimşek assured the public that all necessary measures are being taken to ensure the smooth operation of markets, emphasizing the unwavering commitment to the ongoing economic program.
“Everything necessary is being done for the healthy functioning of markets. The economic program we are implementing continues with determination,” Şimşek said in a social media post.
The Turkish Lira experienced a sharp decline following developments in the political arena yesterday.
The Euro/TL exchange rate soared to a historic peak, surpassing 42.
Similarly, the Dolar/TL surged over 11 percent, exceeding 41 to reach a new record level, though it later fell back below 39 by the noon.
Meanwhile, the Euro/Dollar parity remained stable at 1.09.
These developments have also exerted pressure on Turkish assets.
The BIST 100 index nosedived 7 percent at the open, triggering circuit breakers for two times on Wednesday. BIST Derivatives Market (VIOP) had already slid 5 percent. Yields on Türkiye’s 10-year bonds jumped 60 basis points to 28.78 percent, while the country’s risk premium climbed to 257 basis points.
