UPDATE - Turkish economy unaffected by coup bid

UPDATES WITH ECONOMY MINISTER COMMENT

By Bahattin Gonultas and Muhammed Ali Gurtas

ANKARA (AA) - Turkey’s failed coup will have only a minor impact on the country’s economy, Deputy Prime Minister Mehmet Simsek said Monday.

Speaking ahead of the markets opening to Bloomberg television, Simsek, who has special responsibility for economic matters in Turkey, said: “The Turkish economy will be one of the fastest-growing economies among OECD countries in 2016. It is clear that the coup attempt to have a limited impact on the Turkish economy.”

GDP increased by 4.8 percent in the first quarter of 2016 compared to the same period last year, making Turkey one of the fastest growing economies in Europe and among Organization for Economic Cooperation and Development members.

He added: “We had a bad dream and it left behind... Our message is very clear, there is no need to panic.”

Simsek said Turkey would continue economic reforms and that macroeconomic fundamentals remained strong.

Economy Minister Nihat Zeybekci, who is Simsek’s junior, agreed the economic foundation was “solid”. He tweeted: “Despite all undemocratic attempts, our economy will continue to function flawlessly”.

He shared statistics showing Turkish exports rose 3.3 percent in the first five months of the year.

The Central Bank said Sunday that it would cut commission on daily liquidity options for banks to zero and provide unlimited liquidity to maintain the financial markets following Friday’s coup attempt.

It also said it would increase the daily foreign exchange auction limit from $50 million if necessary.