Turkey will continue to take precautions against declining lira: Deputy PM

Turkey has taken the necessary precautions against the decline of the lira and will continue to do so, Deputy Prime Minister Mehmet Şimşek said on Tuesday.

Şimşek, who is tasked with the oversight of the economy, made the comments on Twitter.

Emerging stocks tumbled to eight-month lows on Tuesday led by big losses on Asian bourses as the tit-for-tat trade war between the United States and China escalated, with currencies such as the rand and lira also feeling the heat.

The Turkish lira weakened 1.1 percent, also hampered by Monday's data showing the budget deficit widened by 78 percent in the first five months of the year as government spending increased ahead of elections.