A man checks the exchange rate at a money change shop in Istanbul, Turkey, on May 24, 2018. Turkish President Recep Tayyip Erdogan said late Wednesday that Turkey could curb the currency fluctuations in the short term. (Xinhua/He Canling)
ANKARA, May 23 (Xinhua) -- Turkish President Recep Tayyip Erdogan said late Wednesday that Turkey could curb the currency fluctuations in the short term.
During a speech in the Presidential Complex in Ankara, Erdogan linked the currency fluctuations to global factors, saying it is not in line with the economic realities of Turkey.
All necessary measures to contain inflation and the current account deficit will be taken after elections, he said.
Meanwhile, Prime Minister Binali Yildirim said the foreign exchange volatility was "temporary," which will not change Turkey's economic growth.
The government is working to control the foreign exchange fluctuations, he noted.
Earlier in the day, Turkey's central bank hiked the late liquidity window lending rate to 16.5 percent from 13.5 percent as part of its efforts to stem the decline of Turkish lira against the U.S. dollar, which hit another historical low to 4.93 on Wednesday.
The exchange rate of lira against dollar has fallen about 20 percent from 3.78 at the beginning of this year.
