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Bundesbank head stresses independence of Turkey’s central bank amid currency crisis

Jens Weidmann, the head of Germany’s Bundesbank, said on Thursday that the independence of the Turkish Central Bank was important for the recovery of the country’s poor economic situation, Deutsche Welle Turkish service reported.

He raised concerns about risks in emerging markets during a press conference in Berlin with a foreign journalists association.

“Recent events unfolding in Turkey have made it clear: The best way to protect against crises is to follow reliable and accountable economic and fiscal policies as well as to have an independent monetary policy that provides price stability,” Weidmann said.

Turkey has been facing a currency crisis as the national currency has lost almost 50 percent of its value this year alone. As of Thursday, the Turkish lira was valued at 6.11 to the US dollar.

German officials, including Chancellor Angela Merkel, have made several statements referring to the crisis, assuring that they would not want economic instability in Turkey.

Socialist Party (SPD) leader Andrea Nahles recently said Germany should extend financial aid to Turkey.

“[Merkel] made clear again that she sees no urgency at the moment for special aid for Turkey,” Annegret Kramp-Karrenbauer told reporters on Monday after a Christian Democratic Union (CDU) board meeting attended by Merkel.

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