Turkish Finance Minister Berat Albayrak has assured international investors the nation will emerge stronger from its currency crisis, insisting its banks are healthy and signalling it could ride out a dispute with the US
In a conference call with thousands of investors and economists, Albayrak - who is President Tayyip Erdogan's son-in-law - said Turkey fully understood and recognised all its domestic challenges, but was dealing with what he described as a market anomaly.
With Ankara locked in a complex rift with Washington, he also played down a decision by US President Donald Trump to double tariffs on imports of Turkish metals.
Washington later said it was ready to impose further economic sanctions on Turkey.
Many countries had been the target of similar US trade measures, Albayrak said on Thursday, and Turkey would navigate this period with other parties such as Germany, Russia and China.
He added that Turkey had no plans to seek help from the International Monetary Fund or impose capital controls to stop money flowing abroad in response to the recent collapse of its lira currency.
Before he spoke, the lira strengthened more than 3 per cent, despite signs that the dispute with the United States is as wide as ever.
The lira held steady during Albayrak's conference call but later weakened when Treasury Secretary Steven Mnuchin said the US was prepared to levy more sanctions on Turkey if detained American pastor Andrew Brunson was not freed.
The lira hit a record low of 7.24 to the US dollar earlier this week, down 40 percent this year, as investors fretted over Erdogan's influence over monetary policy and the row with the United States.
Facing Turkey's gravest currency crisis since 2001 in his first month in the job, Albayrak has the daunting task of persuading investors that the economy is not hostage to political interference.
The lira gained some support from the announcement late on Wednesday of a Qatari pledge to invest $US15 billion ($A21 billion) in Turkey.
Australian Associated Press
