Deputy PM says 'serious fluctuations' in markets must be read calmly

Deputy Prime Minister Mehmet Şimşek said on Wednesday "serious fluctuations" in Turkish markets need to be understood and read calmly, adding that problems with the United States and the West were temporary.

Şimşek was speaking at a conference in Istanbul after the lira hit a fresh record low against the dollar, driven partly by strains in ties with the United States over the trial of a Turkish gold trader accused of violating U.S. sanctions on Iran.

The market fluctuations besetting Turkey are temporary and will pass, including those stemming from the U.S. case against a wealthy gold trader, Şimsek said.

He added that the exchange rate was causing inflationary pressure, but the inflation would fall to single digits sooner or later.