Turkiye urges citizens to avoid risky monetary positions amid Ukraine crisis

By Aysu Bicer

ANKARA (AA) – Turkiye's Treasury and Finance Ministry on Thursday urged citizens to avoid risky positions in the financial markets and continue to trust the Turkish lira.

The ministry said in a written statement that the developments regarding Russia's military intervention in Ukraine and its possible economic and financial impacts are being monitored.

The Russian operation against its western neighbor hit the Turkish lira, as it fell to 14.21 against the US dollar, losing 3% in value.

Turkiye's benchmark stock index Borsa Istanbul opened at 2,049.74 points on Thursday, falling 7.59% from the previous close.

"All necessary measures will be taken decisively in this process as it has been up to now," it underlined.

With its solid foundations, the Turkish economy has overcome many internal and external shocks in the past period, the statement said.

"We have further strengthened our country's resilience against difficulties," the ministry said, citing the steps that the government has taken as part of the Turkiye Economy Model.

In the last two months, it added, important policies have been implemented to strengthen the Turkish lira and they have been successful in this regard.

"In this context, it is considered important in every respect that our citizens continue to trust the Turkish lira and Turkish lira-denominated assets."

Russia on Thursday launched a military intervention in Ukraine, targeting key areas of cities with weapons and missiles, according to reports, just days after recognizing two Russian separatist-held enclaves, Donetsk and Luhansk, in eastern Ukraine.

The attack was preceded by a months-long buildup of some 100,000 Russian troops on Ukraine's borders, deployed there for "exercises," according to repeated statements by Moscow.