ECONOMY

Unhealthy price formations in the markets being closely monitored, Turkey's Central Bank says

UNHEALTHY PRICE FORMATIONS IN THE MARKETS BEING CLOSELY MONITORED, TURKEYS CENTRAL BANK SAYS

The Central Bank of the Republic of Turkey said Wednesday it closely monitors unhealthy price formations in the markets, adding that necessary steps will be taken with impact of these developments on the inflation outlook taken into consideration.

The statement came after the U.S. dollar hit record high of 4.50 against Turkish lira earlier in the day, with the euro also increasing its highest level of 5.33.

The average dollar/lira rate was 3.65 last year.

Following CBRT's statement, the dollar retreated back to 4.41 level, while the euro decreased toı 5.20 level.

Following the statement, CBRT Murat Çetinkaya arrived in ruling Justice and Development Party (AK Party) headquarters to hold a meeting with President Recep Tayyip Erdoğan.

Deputy Prime Minister Mehmet Şimşek and Finance Minister Naci Ağbal are also taking part in the meeting.

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