BRATISLAVA, Aug. 19 (Xinhua) -- Business activities of Slovak companies in Turkey aren't expected to be affected by the current economic situation in the country. Slovak Chamber of Commerce and Industry's (SOPK) Slovak-Turkish Economic Committee chairman Vladimir Sotak said on Sunday.
"I haven't got any indication on possible negative developments of business relations with Turkey," said Sotak, stressing that Turkey has a large and strong economy with excellent ties with China and Russia and it's able to cope with temporary swings.
"Turkey is able to adopt economic measures that will help it gain from this situation and become economically stronger, as it demonstrated several times in the past," said Sotak.
The Turkish lira has been plummeting recently, with a freefall being somewhat decelerated by an intervention on Tuesday by the country's central bank, which pulled the lira back from a record low recorded on Monday. Slovenska sporitelna bank analyst Katarina Muchova noted that the Turkish currency has lost 24 percent of its value compared to the U.S. Dollar since last Thursday, while it's lost 21 percent against the euro.
Muchova pointed out that the Turkish contagion is also being transmitted to currencies, stocks and bonds of other emerging economies.
"It's also to be felt on the euro exchange rate, as markets have been disturbed by the asset involvement of certain European banks mainly Spanish, Italian and French banks in Turkey. Nevertheless, the eurozone, including Slovakia, shouldn't feel the direct effects of the Turkish crisis for now," explained Muchova.
