Berat

President Tayyip Erdogan told Turks on Friday to exchange gold and dollars into lira as the country's currency plunged as much as 14 percent on worries about his influence over monetary policy and worsening relations with the United States.

Treasury and Finance Minister Berat Albayrak has vowed to execute Turkey's new economic model together with "all national and international stakeholders," while stressing that a "decisive" approach and the Central Bank's independence would be maintained.

Turkish Treasury and Finance Minister Berat Albayrak is set to announce a "new economic model" on Aug. 10, the ministry announced on Aug. 9.

Treasury and Finance Minister Berat Albayrak has said inflation and interest rates will decrease to single digits by 2019.

US sanctions imposed on Turkey over the trial of an American pastor accused of backing terrorism are unacceptable and will have limited impact on the Turkish economy, Treasury and Finance Minister Berat Albayrak said on Thursday.

Albayrak said Turkey's priority was to resolve the issue with Washington, a NATO ally, through dialogue and diplomacy.

The Industrial and Commercial Bank of China (ICBC) has provided a $3.6 billion loan package to the Turkish energy and transportation sector, Treasury and Finance Minister Berat Albayrak said on July 26.

The Turkish government has focused on cutting public spending, Treasury and Finance Minister Berat Albayrak has announced, adding that the new economic program would establish a framework to reduce inflation.

The new economy management of Turkey envisages harmony with the dynamics of the market, concurrent with the realities of financial environment, coordinated with the global financial system with strong diplomatic communication, and will walk more firmly, Treasury and Finance Minister Berat Albayrak has said.

There will be no more debt restructuring or postponement for taxpayers, Treasury and Finance Minister Berat Albayrak said on July 17.

Turkish Energy Minister Berat Albayrak and his German counterpart Peter Altmaier have vowed to improve relations between their countries after months-long tensions.