Turkiye takes global stage to tackle economic crisis
Shafaq News/ Recent developments in Turkiye's economy will be discussed on an international level, the Turkish Ministry of Treasury and Finance announced on Tuesday.
Finance Minister Mehmet Şimşek and Central Bank Governor Fatih Karahan will discuss Turkiye's latest economic developments in a call at 13:00 GMT, hosted by Citigroup and Deutsche Bank, as part of efforts to reassure investors following recent political and economic turmoil, the ministry stated.
Basın Duyurusu- 25 Mart 2025 pic.twitter.com/9aAMSx0k9W
— T.C. Hazine ve Maliye Bakanlığı (@HMBakanligi) March 25, 2025
What Happened?
On Wednesday, Turkish police arrested Ekrem İmamoğlu, President Recep Tayyip Erdoğan's main rival. A court later ruled to hold him in pretrial detention on corruption-related charges.
The decision sparked the country's largest protests in over a decade, with opposition figures and European leaders condemning it as 'politically motivated and undemocratic.'
These developments shook financial markets, leading to sharp declines in the Turkish lira, stocks, and bonds. However, Istanbul's main stock index closed 3% higher on Monday, while the lira held steady against the dollar.
To contain the crisis, the Ministry of Treasury and Finance, together with the Central Bank, the Banking Regulation and Supervision Agency, and the Capital Markets Board, held a series of meetings with key market players. Measures included raising the overnight lending rate by two percentage points to 46%, injecting approximately $14 billion in foreign currency to stabilize financial markets, and imposing a short-selling ban on the Istanbul Stock Exchange to curb volatility.
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