Turkey's situation does not have economic basis: banker

By Handan Gunes

ISTANBUL

It is clear that situation Turkey is facing does not have any economic basis, chairman of the Participation Banks Association of Turkey said on Wednesday.

"This situation cannot be explained economically. Our markets are being manipulated and this is a politics-driven economic attack," Metin Ozdemir said in a statement.

The effects of these "speculative attacks" against Turkey will be limited, he added.

President Donald Trump announced on Aug. 10 the U.S. was doubling and steel import tariffs on Turkey, fixing them at 20 percent and 50 percent, respectively.

Turkey has increased tariffs on several U.S.-origin products, including alcohol and tobacco products and cars, according to a new presidential decree published early Wednesday in the official gazette.

Ozdemir underlined that Turkey achieved a fiscal discipline and has concrete economic structure.

He noted that the balance sheet of the banking sector has a strong asset base and is resilient to external shocks.

"When government debt stock is considered, we are at a manageable position compared to other developing countries," he said.

"We will rely on numbers, are aware of our power and will not collapse against speculative moves."