Turkey will maintain economic policy course after failed coup: official

Turkey's market economy would continue to operate as it has done despite the recent political shocks and the declaration of a three-month state of emergency, Turkish Deputy Prime Minister Mehmet Simsek said Thursday.

Simsek said in a TV interview that Turkey's economic base is solid with its resilience in times such as global economic crisis and geopolitical rifts.

He said the Turkish government will maintain policy course after the failed coup.

Due to credit rating agencies' decisions, credit costs may edge up and Turkish companies may find external borrowing as profitable as before, Simsek said, referring to Standard & Poor's downgrading Turkey's credit rating by one notch.

"Turkish capital controls are out of the question," Deputy Prime Minister tweeted on Tuesday, vowing that Turkey will maintain sound macroeconomic policies.

Turkey's central bank acted last Sunday by cutting commissions on daily liquidity options for banks to zero and providing unlimited liquidity to maintain financial markets following the coup bid.

It also said it would increase the daily foreign exchange auction limit from 50 million U.S. dollars if necessary.

Turkish Economy Minister Nihat Zeybekci also tweeted that the economic foundations of the country were "solid."

"Despite all undemocratic attempts, our economy will continue to function flawlessly," the minister said. Endit