Turkish bank head: Market fluctuations defy principles

By Elif Ferhan Yesilyurt

ANKARA

There is a fluctuation and pricing in the market that is contrary to the principles of economic realities and foundations, Turkish private lender Garanti Bank CEO Fuat Erbil told Anadolu Agency on Tuesday.

The banks remain well prepared for extraordinary liquidity situations, Erbil said.

"The fluctuations had base and came into prominence from global conditions variables, its change of management forms and geographic priorities," he said.

Erbil said the foreign currency liquidity of the banking sector stood at $100 billion level.

He added the abnormal price movements negatively affected every asset class in these market conditions.

"Even when we look at today's exchange rate, our capital adequacy ratio is over 12 percent," he said.

Erbil also said this process would be governed by its own means since no need for additional capital arose in the banks.