President Erdogan right and Hulusi Akar chief of the general staff visiting a military post on the Turkish Syrian border last monthReuters
24 May, 2018, 17:31
The Turkish currency lost 20 percent value against the dollar this year.
Currency volatility was not in line with the country's economic realities, he added.
By 22:40 Istanbul time on May 23, the TRY had recovered to 4.5560 against the dollar having previously sunk 5.5% on the same day to an alarming all-time low of 4.9294 during overnight selling by Japanese traders cutting their losses on long lira positions against the yen.
The Lira tumbled 5.7% on Wednesday in the lead-up to intervention by the Turkish central bank, and the USD/TRY pair peaked at an all-time high of 4.9262 before the central bank boosted late cash rates by 300 basis points on Wednesday, sending the pair back beneath the 4.5700 level.
The bank's move came after the USA dollar/Turkish lira exchange rate hit a historic high on Wednesday, climbing to around 4.93.
"Accordingly, the committee chose to implement a strong monetary tightening to support price stability".
Despite posting an impressive 7.4-percent growth in 2017, the highest in G20 member countries, Turkey's economy has started showing signs of overheating, according to specialists.
"The exchange rate fluctuations are due to global factors and are not related to Turkey alone", Erdogansaid in a meeting with former lawmakers during an iftar (fast-breaking) meal in Ankara. He added that he supported any action by the central bank to put a brake on the slide in the lira and achieve price stability.
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Dragging on the Turkey market outlook, the lira currency has tumbled to record lows in recent weeks and weakened by more than 20% against the United States dollars so far this year and depreciated 70% over the past five years.
He hurt the lira last week by saying he plans a greater say in monetary policy if he wins the elections, which markets saw as a slap in the face of the nominally independent central bank.
Earlier on Wednesday, the country's economy minister Nihat Zeybekci also said Turkey had authorised institutions to take necessary steps for maintaining the value of lira against foreign currencies.
Muharrem Ince, the main opposition party's candidate, who is challenging Erdogan at the June 24 presidential race, called on the Turkish leader to stop interfering in the central bank's monetary policy and to ease concerns over fiscal discipline, warning that the "economy is about to hit the wall".
Analysts at Commerzbank said in a note that Turkey was going through a "currency crisis".
The central bank's rate-setting committee hadn't been scheduled to meet until June 7, and it hadn't communicated with markets for a week before Wednesday's move.
Suffering from a gaping current account deficit and double-digit inflation, the lira has been in the cross hairs of the emerging market sell-off.
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