Turkey’s Simsek Dismisses Post-Election Lira Doom Scenario

Turkey will see increasing foreign inflows after the local elections in March, which will prevent real depreciation of the lira, according to Treasury and Finance Minister Mehmet Simsek.

The lira’s relative stability since the beginning of the year has fueled concerns of a steep depreciation after the elections. The lira weakened by more than 20% in the month that followed Turkey’s presidential and general elections at the end of May after the central bank reduced its interventions to keep the currency steady in the run-up to the poll.