Middle East

Turkiye’s new economic policy will change the financial situation

President Recep Tayyip Erdogan said he has made historic changes in economic policy, setting aside the “classical understanding” that Turkey will curb inflation at high interest rates.

Prime Minister Erdogan also emphasized that the government has no budgetary problems and is not seeking help from the IMF. (AA)

Turkey’s President Recep Tayyip Erdogan said the economic situation in his country was “totally different” this summer when the balance of the financial system was established.

At a meeting of media and academia members in Istanbul on Friday, Prime Minister Erdogan called on scholars and economists to contribute to the government’s new economic model.

At a meeting at the Presidential Palace of Dormabach, President Turkier said, “We have adopted economic policies based on investment, employment, production, exports, and growing the country in the current surplus.”

According to Prime Minister Erdogan, Turkey’s central bank’s foreign exchange reserves are currently over $ 115 billion and are expected to be in a much better position.

“Today, Turkey has the infrastructure it needs in everything from education to health, security to law, industry to tourism,” he said.

Prime Minister Erdogan emphasized that economic indicators indicate that the timing of this new policy is appropriate, “aiming to put Turkey on top of this strong foundation in the world’s ten largest economies.” Said.

He added that the benefits of Turkey’s new approach will become apparent in the next three to six months.

read more:Prime Minister Erdogan: Turkey has thwarted speculative games about the economy

Currency limits historic weeks

The Turkish lira was on track for the strongest week on Friday’s record.

Lira fell to 11.7 per dollar, but after rising to 10.25 on Thursday, it reached its strongest level in more than a month after the government and central banks took a series of steps to support the currency. ..

The currency is Government covers FX losses About a specific deposit.

On Monday, Prime Minister Erdogan announced plans for the Treasury and the central bank to reimburse foreign currencies for losses on converted lira deposits.

According to the Turkish lira, the anti-dollarization plan has been profitable for four consecutive days as the Turkish lira converted about $ 900 million worth of hard currency into lira. Treasury Minister Nureddin Nevati..

Nevaty said in an interview with NTV on Thursday that Turkeye “is actively using all instruments for free use.”

read more: Lira makes a profit after Prime Minister Erdogan declares plans to support the currency

Source: TRT World and distributors

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