President Recep Tayyip Erdoğan said that international investors are a priority for the country, ensuring that the government will take all measures to protect investors' interests and pointed to the quick recovery in the stock exchange and the Turkish lira.
Erdoğan said that macroeconomic indicators follow a strong path with a sound unemployment rate and interest rates, despite the failed, July 15 Gülenist Terror Organization (FETÖ) coup attempt. He added that the economy is still highly likely to achieve its year-end growth target of 4.5 percent. He said the foreign reserves in the Central Bank of the Republic of Turkey (CBRT) exceed $125 billion, implying that the CBRT's quick measures taken right after the coup are working out well.
Erdoğan said that Turkey is committed to achieving its macroeconomic targets in the Medium-term Economic Program (MEP) announced by the government in January.
In January, the government announced the MEP, covering macroeconomic targets between 2016 and 2018, including growth and inflation. According to the MEP, the government predicts that gross domestic product (GDP) will increase 4.5 percent in 2016, and 5 percent for 2017 and 2018, and forecasts the inflation rate at 7.5 percent in 2016, 6 percent in 2017 and 5 percent in 2018.
The CBRT's measures included a cut on the commission on daily liquidity options for banks to zero and providing unlimited liquidity to banks to maintain effective operation of financial markets.
Erdoğan added that the structural reforms will be implemented at full speed with no interruption by the current conditions of the state of emergency that was declared on July 20. The administration wants to accelerate how state institutions work without interfering in the ordinary function of the economy. He said the economic reforms being put into effect just as planned will help Turkey be among the top 10 economies by 2023.
Speaking at the High-level Economic Meeting at the Presidential Palace in Ankara attended by Deputy Prime Minister Mehmet Şimşek, Economy Minister Nihat Zeybekci and international investors with businesses in Turkey, Erdoğan said that Turkey went through hard times during the rule of the Justice and Development Party (AK Party) and throughout this period, the government continued realizing its mega projects "ceaselessly."
He ensured that the construction of the third airport will continue without any interruption as well as the other projects in the bidding process. He said the Yavuz Sultan Bridge is still set to open on Aug. 26.
Presidency of Telecommunications Communication to be closed
Erdoğan announced that the Presidency of Telecommunications Communication (TİB) will be closed and taken over by the Information and Communication Technologies Authority (BTK). He said the decision was made to more effectively fight against the FETÖ and establish stronger institutions.