Turkey blames "some countries, int'l financial institutions" for rate fluctuations

ANKARA, May 30 (Xinhua) -- Turkish Foreign Minister Mevlut Cavusoglu on Wednesday blamed some countries and international financial institutions for the recent foreign exchange rate volatility ahead of Turkey's June 24 general elections.

Speaking in a interview with private broadcaster A Haber, Cavusoglu said that the lira rate fluctuation was due to an organized campaign masterminded abroad.

"Some countries are in this scheme, as well as financial institutions and the interest rate lobby. These include some Muslim countries too," he said without giving names, claiming that they intended to "demolish Turkey through its economy."

"See how the credit rating agencies decrease their ratings?" the foreign minister said, referring to Moody's latest decision that slashed forecasts for Turkey's economic growth, citing deepening market pressure and growing risks.

On Friday, Prime Minister Binali Yildirim said manipulations were behind the foreign exchange rate volatility ahead of June general elections, noting that Turkey's economy is based on strong foundations.

In recent months the Turkish lira has been losing ground to the U.S. dollar. The USD/TRY rate has risen nearly 20 percent since the beginning of this year. Enditem