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Turkish lira does not require 'strong intervention,' economy minister says

The lira's tumble comes amid concerns about wider emerging-market weakness when the U.S. Federal Reserve begins lifting interest rates

Published: Updated:

Turkish Economy Minister Nihat Zeybekci said on Tuesday he did not believe the lira's exchange rate required measures of "strong intervention" and that it would find its own balance in the market after it hit a record low the day before.

The lira's tumble comes amid concerns about wider emerging-market weakness when the U.S. Federal Reserve begins lifting interest rates, as expected in 2015, as well as worries about political stability following the detention of several opposition journalists at the weekend.

Zeybekci also said in comments broadcast live on state-run TV broadcaster TRT that if 2015 crude oil prices average $75 a barrel, the current-account deficit in Turkey, which imports almost all of its oil and gas, would fall by $12 billion and inflation would decline by 1.5 percent points.