Apr 11 2019

Turkey’s Albayrak to talk at JPMorgan event after investigation into U.S. investment bank

Turkish Minister of Finance and Treasury Berat Albayrak will deliver a speech on Thursday at an investor seminar organised by JPMorgan in Washington, the U.S. investment bank investigated by Turkish authorities for allegedly damaging the reputation of Turkish banks.

Turkish Central Bank Governor Murat Çetinkaya will join Albayrak in a special session on the Turkish economy.

albayrak
From the JP Morgan seminar programme

 

Turkey’s Banking Regulation and Supervision Agency's (BDDK) announced last month that a judicial process would be carried out regarding JPMorgan in relation to a March 22 report which the BDDK said had damaged the reputation of Turkish banks.

The investigation came after the Turkish central bank announced its decision to tighten its monetary stance when Turkish lira fell nearly 4 percent against the dollar, following reports on a sudden decrease in the country’s foreign-currency reserves.

Albayrak on Wednesday announced a long-awaited economic reform package that the Turkish government had promised to deliver following local elections on March 31, before travelling to Washington to attend meetings hosted by the International Monetary Fund (IMF) and the World Bank.

The Turkish economy has shrunk for two straight quarters on a quarterly basis, while inflation is just below 20 percent. In Washington, Albayrak hopes to boost foreign investors’ confidence on Turkey’s economic reform agenda.