August 17, 2018 / 8:59 AM / a year ago

Turkish finance ministry says credit channels to remain open

FILE PHOTO: Turkish Treasury and Finance Minister Berat Albayrak speaks during a presentation to announce his economic policy in Istanbul, Turkey August 10, 2018. REUTERS/Murad Sezer/File Photo

ANKARA (Reuters) - Turkey’s finance ministry said on Friday that credit channels would remain open and that it would take measures to relieve banks and the real sector, after the Turkish lira currency crashed to a record low against the dollar earlier this week.

The lira hit a record low of 7.24 against the U.S. dollar over concerns about President Tayyip Erdogan’s grip on monetary policy and an ongoing row with the United States. Finance Minister Berat Albayrak told investors on Thursday that Turkey would emerge stronger from the crisis, which Ankara has cast as an economic war.

In a statement, the ministry also said it would provide flexibility on maturities and pricing to endure cash flow for companies, while taking additional measures to avoid obstacles against borrowing for companies.

Reporting by Orhan Coskun; Writing by Tuvan Gumrukcu; Editing by Ece Toksabay

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