Don't panic about lira's slide, says Turkey's deputy PM

Turkish Deputy Prime Minister Mehmet Şimşek said there was no reason to panic about recent losses for the lira.

The declines are temporary as Turkey's economic fundamentals are strong, Şimşek told a conference in Istanbul on Wednesday.

"It's very important to understand this and look at the overall picture without panicking."

The lira slid to 3.98 per dollar in early Wednesday trading, extending a record low, and 10-year bond yields also hit a record, as investors worried about political tensions with the United States and the central bank's failure to intervene in the markets with a rate hike.