Turkish gov't seeking ways to ease markets amid lira's plunge

Ankara has been seeking ways to calm the markets as the Turkish Lira has plunged to historic lows in recent weeks amid a potential U.S. interest rate hike pushing the dollar to multi-year highs and concerns about political pressure on Turkey?s Central Bank.

Leading figures of the government have now made statements underlying the independence of the Central Bank after weeks in the dramatic fall of the country?s currency.

The first high-level economy summit was made under the leadership of Prime Minister Ahmet Davuto?lu with leading economy-related ministers and Central Bank Gov. Erdem Ba?ç? on March 10.

After an eight-hour meeting, a statement was released late March 10 by the Prime Ministry, emphasizing the need for growth and the independence of the Central Bank.

?Turkey?s government is working on measures to boost industrial production, employment and companies? capital structure as it seeks to improve growth, and will introduce the package soon,? said the statement.

?The Central Bank, which is independent to use its tools, has been taking the required measures when necessary in line with its monetary policy targets,? added the statement.

Economy Minister Nihat Zeybekci, one of the ministers who attended in the meeting at the Prime Ministry, said March 11 the Central Bank was fully independent. Deputy PM Numan Kurtulmu? also said the Turkish economy had solid macroeconomic foundations, meaning there was no reason to worry about the economy.

Fluctuating markets are in need of seeing President Recep Tayyip Erdo?an make peace with Ba?ç?, according to many analysts.

They both had a scheduled meeting on March 11 to assess the latest developments in the Turkish economy, as well as the global...