Turkish finance minister sees no big risk to economy, financial system

Turkish Finance Minister Berat Albayrak does not expect a big risk to the economy or financial system, he was quoted as saying on Wednesday. The statement comes amid what investors describe as a widening crisis caused by a sell-off in the lira, Reuters said. Ratings agency Moody’s on Tuesday sounded more alarm about Turkish banks, downgrading 20 financial institutions and citing the increased risk of a deterioration in funding. “We do not see a big risk about Turkey’s economy or financial system,” Albayrak, who is the president’s son-in-law, told reporters on his flight back from Paris earlier this week, according to Hurriyet. There were no risks because Turkey’s net public debt and household debt are low and its financial system is strong, Albayrak said.