Finance Minister Nuredin Nebati briefed Turkey's banking association, the Banking Regulation and Supervision Organization (BDDK) and state bank directors on the government's new low-interest rate economic model, the association said today, after the lira fell to record lows.
The lira fell to a new low on Friday, with the exchange rate as low as 17 pounds per US dollar after fears of an inflationary vicious circle following President Tayyip Erdogan's new policy against soaring prices.
"Our banks will continue to use their resources to meet the financial needs of households and the real sector, within the framework of the free market mechanism operating within its rules," the banking association said in a statement, adding
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