Turkey to announce ‘new economic model’ amid currency slide

By Associated Press

Turkey’s government says it will reveal a “new economic model” this week as the country’s currency continues to slide.

The Turkish lira, which has fallen about 30 percent since the start of the year, dropped to a new record low of 5.43 against the dollar on Thursday before stabilizing.

The drop followed news that high level meetings in Washington between U.S. and Turkish officials over a detained American pastor concluded without an apparent resolution.

The pastor’s detention led to Washington imposing punitive sanctions on two Turkish Cabinet ministers and warning of possible additional measures.

The finance ministry Thursday that Finance and Treasury Minister Berat Albayrak would announce the model’s “framework” on Friday.

The ministry said it expects inflation, currently nearly 16 percent, to return to single digits.

This article provided by NewsEdge.