WASHINGTON D.C. - Turkish government has taken a strong set of steps to stabilize the situation in economy, said Masood Ahmed, Director of External Relations Department of International Monetary Fund (IMF), in a briefing in Washington D.C. on Friday.
When asked to assess the recent volatility in Turkish lira, Ahmed said, ''the government has taken a strong set of steps to stabilize the situation, and in particular, through the tightening of monetary policy and the recent 175 basis point increase in interest rates.''
''Going forward, we have no doubt the Central Bank will carefully reassess developments and take whatever actions are necessary to keep inflation in line with their medium term targets,'' added Ahmed.
Ahmed described the situation in Turkish lira as a correction, and said, ''in some ways, it is not an unwelcome correction.''