Economy officials, Erdoğan to meet in Ankara to discuss developments, tackle exchange rates

A Turkish official said Wednesday that a team of economy officials will meet with President Recep Tayyip Erdoğan at the Beştepe Presidential Palace Complex in Ankara to discuss recent economic developments and steps to tackle rising exchange rates.

Erdoğan will meet with ministers and senior bureaucrats in the presidential office at 2.00. p.m., according to sources.

Speaking at a press conference in Ankara, Presidential Spokesperson Ibrahim Kalın said that unemployment, foreign investments, exports, imports, current account deficit, interest rates, inflation are among the issues that will be discussed at the economy meeting chaired by Erdoğan later today.

"The depreciation of Turkish lira stems from global trends; fiscal discipline will be maintained as usual, election economy not on agenda," Kalın said.

On Wednesday, the U.S. dollar renewed record highs at 4.3746 against the Turkish lira after U.S. President Donald Trump announced its decision to pull out of the Iran nuclear deal. Borsa Istanbul's BIST 100 Index also fell below 100,000 points on Tuesday.

After the meeting was announced, the dollar retreated back to 4.28, while the BIST 100 Index gained by more than 1 percent to reach 100.500 points.

The Central Bank of the Republic of Turkey (CBRT) also increased the daily amount of foreign exchange deposits against Turkish lira deposits auctions from $1.25 billion to $1.5 billion, adding that maximum outstanding deposit amount in auctions may reach up to $7.5 billion, from the current level of $6.25 billion.

It also updated the calendar of Turkish lira-settled forward foreign exchange sale auctions to be held in the second quarter.

"During this period, the maximum total amount of forward foreign exchange sale position may increase from its current level of $5.3 billion to $7.1 billion," it said.