The Turkish “Central” confirms the ability of banks to overcome the...

  The lira remained stable after the meeting and was trading at 12.025 against the dollar (AFP)

confirmed Governor of the Central Bank of Turkey, Shihab Koccioglu, An The banking sector able to weather market volatility, and announced that he discussed recent interest rate cuts with bank representatives at Thursday's meeting after the lira plunged to record lows.

After a meeting with senior bankers and representatives of the Banking Regulatory and Supervisory Authority, the governor said that the participants made general assessments of economic developments, and noted that the banking sector is very strong.

“We have informed them of everything, both regarding the reduction of interest rates Or other issues…the sector, the central bank and the Banking Regulatory and Supervisory Authority are in great agreement, and in strong communication.”

And she was Turkish lira Stable today, Thursday, after a historic drop in its value this week, due to President Recep Tayyip Erdogan’s defense of an interest rate cut despite widespread criticism of his policies.

The lira remained little changed after the meeting, as it was trading at 12.025 against the dollar.

The Turkish currency hit a record low of 13.45 this week, down 45% this year after Erdogan defended recent interest rate cuts.

The Turkish Banking Association said, in a statement, that the meeting discussed global and local developments, markets and developments in the banking sector, describing the meeting as “very useful.”

One of the participants stated that representatives of the Banking Regulation and Supervision Authority said during the meeting that the authority will study taking measures, such as determining the capital adequacy ratio in the country according to sectoral needs, and remaining in line with international standards, while it was not yet possible to obtain a comment from the Banking Regulation and Supervision Authority.

(Reuters)

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