Turkey's new Finance Minister meets businesspersons amid currency crisis

Ankara, Dec 12 (IANS) Turkey's newly appointed Treasury and Finance Minister Nureddin Nebati met several businesspersons amid the ongoing currency crisis.

The meeting, which also saw the attendance of some private and public bank representatives and general managers, was held behind closed doors in Istanbul, reports Xinhua news agency.

Press reports said Nebati briefed the business people about the steps to be taken to increase investment, production, and employment in addressing the current economic situation.

The new minister also listened to the demands of the business world, according to the NTV broadcaster.

The Turkish lira has fallen more than 45 per cent in value against the US dollar since the beginning of the year, and the losses expanded in the last three months as the central bank made consecutive interest rate cuts.

One dollar was traded at 13.88 liras on Saturday.

The depreciation of the lira has led to price hikes of almost every item including the basic necessities, with the annual inflation rate hitting as high as 21.31 per cent in November.

Last week, President Recep Tayyip Erdogan appointed Nebati as the Treasury and Finance Minister after his predecessor Lutfi Elvan resigned amid a sharp plunge of the currency.