deposit withdrawals: He added that deposit withdrawals by panicked investors remained low and manageable, according to The Guardian. Turkey buys time before day of IMF reckoning Read more We are experiencing unfavourable conditions but we will overcome, he said. Berat Albayrak, who has faced criticism for failing to tackle the country's growing financial crisis, spoke to around 6,000 investors on a conference call to rebuff concerns that a funding squeeze on Turkey's banks and a damaging trade war with the US would force him to seek a rescue bailout from the International Monetary Fund IMF . Albayrak, who was appointed as finance minister last month by his father-in-law, president Recep Tayyip Erdo an, said Turkey will not hesitate to provide support to the banking sector, which was capable of accessing funds itself during the current turmoil in financial markets. The Turkish lira was up 4% against the US dollar following the conference call and after reassuring words from the French president, Emmanuel Macron, and Germany's chancellor, Angela Merkel, that Turkey's stability was important. However, Albayrak's attempt to shore up confidence in the lira was quickly undermined by the US Treasury secretary, Steve Mnuchin, who reportedly told president Donald Trump in a cabinet meeting that he was preparing further sanctions against Ankara. A pledge by Qatar to invest 15bn in the financial sector has also helped stabilise the situation.
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