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IMF: Turkey must adhere to sound policies to support stability
Turkey must stick to sound economic policies to support stability and reduce imbalances at a time of market volatility and the continuing dispute between Washington and Ankara over the imprisonment of a US priest, a spokeswoman for the International Monetary Fund (IMF) said on Thursday.
The spokeswoman, speaking on condition of anonymity, said there were no signs that the Turkish authorities were considering requesting financial assistance from the Washington-based fund.
She said the IMF was closely monitoring the situation in Turkey.
"In the light of recent market volatility, the new administration will have to demonstrate a commitment to sound economic policies to support macroeconomic stability and reduce imbalances, while ensuring full independence for the central bank's work to continue its stabilization mission."
The Turkish currency lost more than 40 percent of its value against the dollar this year as investors worried that Turkish President Recep Tayyip Erdogan's growing grip on the economy and his repeated calls for cuts in interest rates despite inflation.
The latest strike by the Turkish currency was triggered by sanctions imposed by the Trump administration on Ankara over the detention of the imprisoned priest Andrew Branson for allegedly supporting a group blamed by Ankara for a coup attempt in 2016.
Erdogan said Turkey was targeted by an economic war and had repeatedly called on the Turks to sell their dollars and euros to support the national currency.
Analysts say Turkey will probably need to go to the IMF to build confidence in its economic policies.
"We have not received any indication from the Turkish authorities that they are considering requesting financial assistance," the spokeswoman said.
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