Nov 30 2017

Bad news about Zarrab case priced into markets: Erdoğan adviser

Speculative news about an ongoing case in New York involving Iranian-Turkish gold trader Reza Zarrab is priced into the bond and currency markets, said Cemil Ertem, President Recep Tayyip Erdoğan’s senior adviser for the economy.

The government does not expect any further negative effects on the lira, Ertem said in an interview with NTV television on Thursday.

The lira will start to benefit as the pace of imports decreases and inflation slows from the start of next year, he said.

Ertem reiterated an earlier statement that the central bank stood ready to raise interest rates should further market volatility occur.