Measures ready to cushion real sector from forex blows

By Bahattin Gonultas

ANKARA (AA) - Measures have already been put in place to cushion Turkey's real sector from damage due to currency volatility, Deputy Prime Minister Nurettin Canikli said Monday.

Speaking to news channel A Haber, Canikli said Turkey will not tolerate deviations from the inflation target in 2017 despite the Turkish lira’s loss of over 20 percent its value against the U.S. dollar after Donald Trump’s victory in the world’s largest economy.

The Turkish lira hit a new low against the U.S. dollar Monday morning after labor data from the world’s largest economy Friday showed growth was poised to accelerate.

"Inflationary effects of the decline in the Turkish lira against the U.S. dollar will be kept to a minimum," said Canikli.

The lira’s decline is making the country's imports more expensive, which could push up consumer prices such as petrol and electronics.

According to Canikli, there are plots to sabotage Turkey’s economy.

"Many international broadcasters on economic issues want interest rates in Turkey to go up. They want rates to be hiked and they are using exchange rates. We will not be frightened by this," he declared.

Commenting on a new decree introduced Friday under which individuals abroad who do not respond to judicial summons issued by courts or prosecutors within 90 days can have their citizenship revoked, Canikli said, “This aims to bring the members of the FETO terrorist organization to justice."

Canikli also said a referendum on the country’s constitutional amendments may be held in first week of April.

Led by U.S.-based Fetullah Gulen, the Fetullah Terrorist Organization (FETO) is accused of orchestrating the July 2016 coup plot in Turkey as well as being behind a long-running campaign to overthrow the state through the infiltration of Turkish institutions, particularly the military, police, and judiciary.

The July 15 defeated coup left at least 248 people martyred and nearly 2,200 injured.