Berat Albayrak meets Finance Minister Philip Hammond

TURKISH Treasury and Finance Minister Berat Albayrak came together with the British Finance Minister Philip Hammond in London on Sept. 3.

Turkish Treasury and Finance Minister Berat Albayrak has said he does not expect any problems in the banking sector, in stark contrast to recent warnings from ratings agencies that the lira sell-off could weaken lenders’ assets.

In the event of a problem at banks, Ankara would be willing to step in with support, Bayrak further noted:

“I have no reason to be worried at this stage. But we are aware how important the banking sector is. We are in a close coordination and cooperation with our banks and the (banking watchdog) BDDK,” Albayrak said

We are not expecting any problems in the banking sector, but in case of a problem, we will support them in every way.”

He also dismissed concerns about debt, including in the private sector.”

Albayrak also stated the current account deficit will be “considerably below” forecasts by year-end and “much stronger” in 2019.