Fluctuations in Turkish market temporary, says top official.

ANKARA

The fluctuation in Turkish markets is temporary and will not derail the country\'s economy, top Turkish official responsible for economy said Friday.

“Those who put trust in Turkey’s long term accomplishments and stability will not regret it,” Deputy Prime Minister Ali Babacan said at a TV program in Davos, Switzerland.

He said the recent fluctuation in exchange rates was caused by developments in global markets. “Similar fluctuations were seen on Thursday in many countries, including Russia,” Babacan said.

The U.S. dollar hit a historic high against Turkish lira Thursday, prompting intervention from the central bank, which sold dollars. The dollar reached as high as 2.29 against the lira, but went down to 2.26 after the intervention.

Babacan said the global picture should be taken into account when developments in Turkey are analyzed.

“We expected changes in liquidity policies of the developed countries and, when we were preparing our 2014 program, we stated that these changes could have repercussions in the economies of the developing countries,” he said.

Babacan said it was natural for economies like Turkey’s to be affected in such circumstances.

Anatolia News Agency 15:27 Fri, 24 Jan 2014