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Turkey pledges to strengthen financial institutions and democracy




“We are working both to strengthen our economic policies and to raise the bar of democracy and freedoms while facilitating the daily life of our citizens,” said the Turkish president.

President Recep Tayyip Erdogan accompanied by Izmir MP from AK Party Binali Yildirim, Director of Communication Fahrettin Altun attends 18th MUSIAD EXPO, Istanbul, Turkey, November 20, 2020.

President Recep Tayyip Erdogan accompanied by Izmir MP from AK Party Binali Yildirim, Director of Communications Fahrettin Altun, attends 18th MUSIAD EXPO, Istanbul, Turkey, November 20, 2020 (AA)

The new Turkish Minister of Treasury and Finance has pledged to increase the “operational skills” of all financial and relevant institutions.

Following a decision by the country’s central bank to raise interest rates on Thursday, Lutfi Elvan said that the proper functioning of the bank’s monetary transmission mechanism would be essential for price stability.

“The bank is responsible for determining and implementing the policies and tools that will ensure price stability,” he said on Friday, adding that it would adopt a simple monetary policy framework in the period to come.

It is important that the credit and deposit markets operate in a competitive structure, the minister said.

“In this context, it is vital to reduce intermediation costs and to establish prices in the credit and deposit markets under the free market mechanism,” he said.

Achieving macroeconomic stability, including price stability, will be an essential condition for sustainable growth and improved social well-being, he stressed.

“In this context, we will formulate our fiscal policies, our financial sector policies and our public finance policies in a way that will permanently support macroeconomic stability, in addition to the monetary policy measures that are taken.”

“ Price stability to stimulate sustainable growth ”

Supporting a price stability-oriented monetary policy with public fiscal discipline, and setting public wages and prices in line with inflation targets, will be essential for the rapid convergence of expectations and inflation targets, Elvan pointed out.

“The main objective of economic policies is to increase social welfare, which includes employment growth, a fair distribution of income and sustainable growth,” said the minister.

“The prerequisite for this is macroeconomic stability.”

There is no doubt, he added, that price stability contributes to sustainable growth and social well-being by increasing the predictability of the economy.

“This is a generally accepted situation, as the experiences of Turkey and other countries demonstrate,” he said.

Turkey’s central bank raised its one-week repo rate – also known as the bank’s policy rate – from 10.25% to 15% on Thursday, tightening monetary policy to ensure price stability.

A new era for the economy, for democracy

President Recep Tayyip Erdogan said on Friday that the Turkish government is also determined to bring a new boom era for democracy.

“We are working to both strengthen our economic policies and raise the bar of democracy and freedoms while making everyday life easier for our citizens,” Erdogan said in his speech at a trade fair in Istanbul.

Noting that the support of business circles and citizens is crucial to achieve economic goals, Erdogan said: “First of all, we must bring savings abroad to our country”.

He urged the business circle to invest money in investments, jobs, production and exports.

Investments that boost production and employment will be accelerated by mobilizing national and international entrepreneurs, Erdogan added.

“We must strengthen the confidence of our nation and investors in our national currency, the Turkish lira, and thus reduce the weight of foreign currencies in deposits,” he noted.

Source: AA

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