Turkish finance minister hopes nation’s currency crisis will be short-lived

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Turkish finance minister hopes nation’s currency crisis will be short-lived

On Sunday, the 10th of May 2019, the Turkey’s Finance Minister, Berat Albayrak said that the Turkish economy would hopefully overcome downfalls of a currency crisis it witnessed last year alongside two quarters of contraction, as Istanbul has been closing in towards a Mayoral election following Erdogan’s ruling party’s landslide defeat over the nation’s local election.

In an interview with the CNN Turk, the Turk Finance Minister, Albayrak had expressed a through-and-through optimism over Turkey’s economic outlook, which analysts had been deciphering as an election-based narrative.

Besides, while speaking to broadcaster CNN Turk, Albayrak had also addressed to Turkey’s performance during the era of great financial depression back in 2018, when the nation’s economy was contracted for straight four quarters in a row.

Adding that the Turk economy would get over these two quarters of contraction with minimum impact, Albayrak said, “The first quarter data year-on-year and when compared to last quarter, technically rebalancing, recovery process will extend more than two quarters”.

In fact, the Turkish economy had contracted more than 3 percent on the last quarter of 2018 on a year-on-year basis. Never the less, latest upbeat comments over Turkish currency came along after media had revealed Turkish Central Bank’s direct intervention on Friday’s (May 10th) FX market, while it had sold-off more than $4.5 billion to support its grief-sickened currency, which had already lost more than 15 percent against American dollar so far this year, after witnessing a havoc-scale plunge of 39 percent last year.