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Reuters
ANKARA
Turkey's finance minister promised to protect the lira on Tuesday, after it fell to a record low against the dollar this week, and said the US currency had"lost credibility"because it had been exploited as a political tool.
Treasury and Finance Minister Berat Albayrak said he expected the lira to strengthen, and that Turkey would continue to take measures within free market rules to decrease foreign exchange risks to companies.
"We will protect the lira, we will march with the lira and the lira will strengthen greatly in the coming period,"he told members of President Tayyip Erdogan's AK Party.
Albayrak, Erdogan's son-in-law, was appointed last month following the president's re-election with new executive powers.
Since Erdogan's June 24 election victory the lira has lost a quarter of its value against the dollar. Investors have been concerned by his control over the economy, his resistance to raising interest rates to fight double-digit inflation, and an escalating crisis between Turkey and the United States.
Washington imposed sanctions on two Turkish ministers two weeks ago over the trial on terrorism charges of US evangelical pastor Andrew Brunson in Turkey, and last week it raised tariffs on Turkish metal exports.
Albayrak said Turkey was the direct target of"the biggest actors in the global financial system", and warned that those escalating the issue to a political level would"pay the price."
"The dollar has lost its credibility,"he said."In times when the dollar has been turned into a tool for political punishment, we will continue to strongly take steps to protect the lira in international trade."
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15/08/2018
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