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Does Turkish banking sector have foreign exchange risk based on fall of Turkish Lira?

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Does Turkish banking sector have foreign exchange risk based on fall of Turkish Lira?

The Turkish Lira has seen a non-stop substantial fall against US Dollar during recent days, to worry experts about the balances of Turkey’s economy.  On top of that, there have been rumors as well that the foreign exchange deposits will be converted to TL over a certain exchange rate.

The good news is Mr. Berat ALBAYRAK responsible minister for economy personally announced that such rumors had nothing to do with the reality and the government was committed to the principles of liberal economy more than ever.

Experts in the sector on the other hand stated many rumors circulated on the social media were meant to harm the balance of the Turkish economy and such manipulative sharing made through social media should be prevented via necessary steps to be taken by concerned authorities such as CMB (Capital Markets Board) and BRSA (Banking Regulation & Supervision Agency).

Experts also comment that the banking sector learned its lesson well in the 2001 crisis which hurt Turkey’s economy badly but this also helped to gain invaluable experience to overcome crisis such as prevailing one.

Experts also maintain that required legal measures should be taken and penalties should be applied to those generating and circulating manipulative news to provoke and harm the system with the target to put the economy in a difficult position.

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