Turkish officials move to the argument to calm investors

Senior economic officials in Türkiye intend to meet with foreign investors on Tuesday, in the latest government’s efforts to calm the markets, as the arrest of a prominent opposition figure last week led to billions of dollars in Turkish assets. Finance Minister Mohamed Shimashk and Central Bank Governor Fatih Qara Khan will speak at a telephone conference at 1pm London, organized by ‘City Group’ and ‘Deutsche Bank’, according to the Treasury Ministry on his website. ‘Bloomberg’ first published a report in this regard on Monday night. The two officials are expected to emphasize the promise of President Recep Tayyip Erdogan to confirm the promise of President Recep Tayyip Erdogan to confirm the policies that investors support. The year applies since the appointment of Shimashk, the former banker who worked in Wall Street, mid -2023. The Central Bank and the Ministry of Treasury and Finance did not respond to the telephone conference on requests. The detention of the Mayor of Istanbul, Akram Imamoglu, the most prominent and popular political competitor of Erdogan, last Wednesday, and then officially arrested, led to the outbreak of mass rotes and a sharp decline in the value of Turkish assets. The Turkish authorities have taken emergency measures to stop the financial decline, including raising the most important interest rate for one night, interfering with the exchange rate and prohibiting the open selling of Turkish shares. The Turkish Lira established the execution of the lira and financial markets last night, Monday, after Erdogan publicly supported the policy of Shimashk, and it continued at 37,9750 pounds at 9:10 on Tuesday. The main index of the Turkish Stock Exchange rose 2.8% on Monday, after falling 17% last week. Erdogan said in television remarks after a cabinet meeting on Monday: “We will never allow the profits we have made of the economic program that has been implemented over the past two years,” Erdogan said in television remarks on Monday. He added: “Our institutions have power and want to ensure the safety of market mechanisms.” The government has not shown any signs of a refuge in front of the protesters who have been collected in the streets daily since the arrest of Imamoglu, and Erdogan described the protests as “evil”. The Turkish president blamed the protesters for the turmoil of the market. A sharp drop in the market recorded the shares and local currencies in Türkiye last week, the largest drop worldwide, while the returns of government bonds entered into the local currency. This comes despite the intervention of the central bank in the foreign exchange market by pumping $ 11.2 billion on March 19, according to the estimates of the Bloomberg Economics. The Turkish Central Bank also raised the interest rate for one night in a sudden meeting on Thursday and held a meeting with the country’s officials in the country on Sunday as part of other attempts to contain the consequences. Plan to support the Turkish lira at the same time, consider the authorities additional measures to alleviate market volatility, including reducing the deduction tax on deposits in the lira to support the currency and bend the locals to transfer their savings in the dollar. “It seems that officials are trying to end the crisis, in the hope that the political storm will calm down and the markets make a blind eye to the whole,” says Nick Reese, head of the Monex Eurobe Economy division. And “At the moment, this strategy seems success.”