Turkey squeeze
NZPA-Reuter Ankara The Turkish Government yesterday banned petrol sales to private motorists for the rest of the day and sales of iron and steel products until today, as it prepared to announce new price increases. The increases will be part of belt-tightening measures demanded by the International Monetary Fund before the fund releases fresh credits to the battered Turkish economy.
The Organisation for Economic Co-operation and Development, which recently announced urgent cash aid of SUSI.4S billion for Turkey, also made the aid conditional on Turkey’s satisfying I.M.F. conditions, devalued the Turkish lira by an effective 43 per cent against the dollar. after being urged to take such action by Western industrialised countries.
After a marathon ninehour Cabinet meeting, the Prime Minister (Mr Bulent Ecevit) said the new value of the lira would be 47.10 to the United States dollar, except in special cases. The rate until yesterday was 26.50 to the United States dollar.
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Press, 13 June 1979, Page 8
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156Turkey squeeze Press, 13 June 1979, Page 8
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