Turkish Treasury and Finance Minister Berat Albayrak speaks during a presentation to announce his economic policy in Istanbul, Turkey August 10, 2018. REUTERS/Murad Sezer
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Turkey does not expect a big risk to the economy or financial system, the country's finance minister was quoted as saying Wednesday, illustrating the deep divide between Ankara and global investors over a worsening currency crisis. The comments from Finance Minister Berat Albayrak, who is President Recep Tayyip Erdogan's son-in-law, come as ratings agency Moody's sounded more alarm about the outlook for the banking sector and as data showed economic confidence at its lowest in nearly a decade.The lira has lost around 40 percent of its value this year, driving up the cost of fuel and food and heightening concern about the risk to banks and the broader economy.Most of that – around $146 billion – is owed by the private sector, especially banks, it said.
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