January 24, 2020 / 4:29 AM / a month ago

Turkey's Albayrak says lira "looks competitive" at 5.7-5.9 vs dlr -Nikkei

ANKARA, Jan 24 (Reuters) - The Turkish lira “looks competitive” at a level between 5.7 and 5.9 against the U.S. dollar, Finance Minister Berat Albayrak told the Nikkei newspaper on Friday, adding that financial stability was a matter of “national security”.

A currency crisis in 2018 wiped out nearly 30% of the value of the Turkish lira, prompting the government to clamp down on fianncial markets with new rules and regulations.

“When we look at the developments in imports and exports as well as balancing in the current-account deficit, the foreign exchange rate looks competitive,” Albayrak said in the interview. (Reporting by Tuvan Gumrukcu and Jonathan Spicer; Editing by Clarence Fernandez)

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