All the day’s economic and financial news, including the latest on the Turkish currency crisis that has spooked investors
- Introduction: Turkish finance minister faces credibility test
- Berat Albayrak to speak to investors this afternoon
- Conference call at 2pm BST/4pm TRT
- Profile: Berat Albayrak: the Jared Kushner of Turkey
Turkey needs to make four changes to persuade the markets that it’s serious about tackling its credit binge, argues Holger Schmieding of German bank Berenberg.
And, awkwardly for Berat Albayrak, that includes appointing a finance minister who isn’t married to president Erdoğan’s daughter. It also includes tightening government spending, and giving the Turkish central bank the freedom to raise interest rates (something Erdoğan is opposed to).
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The Financial Times agrees that Turkey’s finance minister Albayrak faces a huge test when he speaks to investors on this afternoon’s conference call.
Some worry that Mr Albayrak and his team are simply out of their depth, having been caught off-guard by an economic and political crisis just weeks into the job.
“I have concerns that they fully comprehend the root of this problem,” said a person who has dealt with members of Mr Albayrak’s team.