Market mobility in Turkey 'not economically explicable'

It is impossible to explain the economic activity in the marketplace merely with macroeconomic figures, the Turkish private lender Akbank CEO Hakan Binbasgil said on Wednesday.

"It is clear that the situation we are facing today does not have an economic basis. We see that it is not economically explicable," he said in a statement.

He noted there was a need for structural reforms in the country in order to sustain growth.

Binbasgil added that Turkey's Treasury and Finance Ministry, the Central Bank, the Banking Regulatory and Supervision Agency and the Capital Markets Board had taken a series of rapid measures due to the mobility in the markets.

"Actions that require a high coordination have proven the importance of gathering an economy administration under a single roof," Binbasgil said.

He also said a number of important actions have been taken in this regard and its results are already visible.

Binbasgil said that the country's banking sector was robust.

"Turkey has a strong banking sector with a capital adequacy ratio able to overcome shocks of the sector,"