ISTANBUL
Turkey's financial condition is optimistic following the March 30 local elections, in which the ruling AK Party led in the polls, the country's Economy Minister said Friday.
"We expect a stronger and less vulnerable monetary period ahead as the election results signaled stability both politically and economically," Nihat Zeybekci told the press at a Turkish Exporters' Assembly meeting in Istanbul.
The incumbent AK Party government received more than 45 percent of the votes Sunday, an outcome that was widely seen as a sign of confidence for the leaders.
Earlier on Friday, Prime Minister Recep Tayyip Erdogan urged the country's central bank to set a cut in interest rates, which almost doubled earlier this year after a sharp rise in foreign currencies against the Turkish Lira, in a bid to curb the Lira's depreciation.
The Lira recovered by 5 percent following the elections.
The economy minister said the U.S. dollar's rise was not a surprise to Turkish finance as such hikes were the case in most developing countries.
Zeybekci added that current currency rate would benefit foreign trade figures since a higher dollar currency is expected to decrease import goods and encourage exporters with more profitable trade.
"January-February 2014 saw a record high exports figure," said the minister.
Turkey is currently dealing with a high foreign deficit, recorded at nearly US$100 billion in 2013, creating a financial burden on the Turkish budget.
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