Turkish Finance Minister Rules Out Capital Controls as Policy Option
- Finance minister speaks to investors on conference call
- Currency gains after Albayrak’s market-friendly comments
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Turkey won’t impose capital controls to support the battered lira, Finance and Treasury Minister Berat Albayrak told 6,000 investors in a global conference call held to bolster confidence in the Middle East’s largest economy. The currency gained against the dollar.
Restricting capital flows isn’t an option in a free-market system, Albayrak said on the call Thursday. The minister, President Recep Tayyip Erdogan’s son-in-law, said he’s focused on fixing key weaknesses in Turkey’s $880 billion economy, including reining in inflation and narrowing the current-account deficit.