Turkey's economy minister optimistic about finances

Turkey's financial condition is optimistic following the March 30 local elections, in which the ruling AK Party led in the polls, the country's Economy Minister said Friday."We expect a stronger and less vulnerable monetary period ahead as the election results signaled stability both politically and economically," Nihat Zeybekci told the press at a Turkish Exporters' Assembly meeting in Istanbul.The incumbent AK Party government received more than 45 percent of the votes Sunday, an outcome that was widely seen as a sign of confidence for the leaders.Earlier on Friday, Prime Minister Recep Tayyip Erdogan urged the country's central bank to set a cut in interest rates, which almost doubled earlier this year after a sharp rise in foreign currencies against the Turkish Lira, in a bid to curb the Lira's depreciation.The Lira recovered by 5 percent following the elections.The economy minister said the U.S. dollar's rise was not a surprise to Turkish finance as such hikes were the case in most developing countries.Zeybekci added that current currency rate would benefit foreign trade figures since a higher dollar currency is expected to decrease import goods and encourage exporters with more profitable trade."January-February 2014 saw a record high exports figure," said the minister.Turkey is currently dealing with a high foreign deficit, recorded at nearly US$100 billion in 2013, creating a financial burden on the Turkish budget.