Berat Albayrak, Turkey's Finance and Treasury Minister, son-in-law of President Recep Tayyip Erdogan, speaks about a " new economic model " in Istanbul, Friday, Aug. 10, 2018. (AP Photo/Mucahit Yapici)
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Turkey has drafted an action plan and its institutions will start taking necessary steps Monday to ease financial markets' concerns, Finance Minister Berat Albayrak said Sunday, after the lira plunged last week. In an interview with Hurriyet newspaper, Albayrak said a plan has been prepared for banks and the real economy sector, including small to midsized businesses that are the most affected by the foreign exchange fluctuations. Earlier Sunday, Turkish President Recep Tayyip Erdogan stood by his opposition to high interest rates despite the sharp falls in the currency, saying the lira's weakness did not reflect the country's economic realities. The lira has lost about 40 percent of its value this year, largely over worries about Erdogan's influence over the economy, his repeated calls for lower interest rates in the face of high inflation, and worsening ties with the U.S.
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