The Turkish lira's recent volatility is caused by speculation, Economy Minister of Turkey Nihat Zeybekci said on Friday.
Speaking in Germany at the Turkey Economy Platform held by Deutsche Bank, Zeybekci said that criticism by President Recep Tayyip Erdogan of the Central Bank of Turkey’s interest rate policy is not aimed at the independence of the bank.
“Most recently our prime minister said there should be more rate cuts and we expect it. In response to these remarks, central bank professionals said they do not agree with this opinion and we are not on the same page.” Zeybekci said.
“This is the strongest indicator of the central bank’s independence. Could there be clearer evidence for the independence of the central bank.”
The Turkish lira has slid to a series of record lows against the dollar in the past week, as the dollar index rose to a 12-year high.
Since Feb. 19, the lira has lost over 6 percent against the dollar.