Turkey brushes off Russia spillover concerns for economy
Turkey and Russia are enjoying burgeoning trade ties despite their differences over political issues
Turkey on Thursday brushed off concerns over the possible impact of the Russian economic crisis, saying its economy was strong enough to survive the turbulence in emerging markets.
"The volatility in oil producing countries like Russia can have an impact on developing countries," Prime Minister Ahmet Davutoglu told a news conference in Ankara, where he unveiled a new macro-economic program.
But he said the government had predicted any possible impact of such volatility and had taken timely measures.
"Nobody should expect any negative development on the economy ... We have full confidence in the Turkish economy's resources," he said.
"Our foreign exchange reserves and the instruments we have are inherently solid."
Turkey and Russia are enjoying burgeoning trade ties despite their differences over political issues including the Syrian crisis.
Russian President Vladimir Putin visited Turkey early this month when the two countries pledged to triple bilateral trade to a target of $100 billion in the next years from $32.7 billion in 2013.
Energy-hungry Turkey is dependent on Russian oil and gas supplies.
Davutoglu said the markets now reached a more stable state compared to a few days ago when the Turkish lira hit record lows amid the collapse of the Russian ruble and tensions between Ankara and the EU over the mass arrests of journalists last weekend.
The lira struck a low in value of 2.41 lira to the dollar and 3.03 to the euro -- breaking through the crucial 3.0 barrier.
On Thursday, the currency rallied, strengthening to 2.32 lira per dollar and 2.87 to per euro.
2014, the year Russia's Putin went rogueLike the judo master he is, Putin used the West’s rhetoric of human rights and self-determination against it 2014: Year in Review
Official: Russia will respond to fresh U.S. sanctionsDeputy FM Sergei Ryabkov says Russia will respond to fresh sanctions from the United States World News
Turkish central bank to keep tight policy until inflation improvesThe lira's fall risks increasing Turkey's import bill and reducing the bank's room for maneuver Economy
Russia and Turkey hold hands in an East-West stormThe maelstrom of the confrontation between Russia and the West is drawing more and more players World