Erdoğan chairs 5-hour economy meeting urging to take measures
by Hazal Ateş
ANKARANov 25, 2016 - 12:00 am GMT+3
by Hazal Ateş
Nov 25, 2016 12:00 am
President Recep Tayyip Erdoğan attended a five-hour assessment meeting with economists in Beştepe.
The summit focused on the instant follow-up of hot developments, the steps to be taken to avoid speculation and measures to strengthen the economy. 10 important outcomes came out from the summit which stressed on the fact that Turkish economy is more solid and resistant. During the meeting, which was attended by President Erdoğan, Prime Minister Binali Yıldırım and the economy administration, volatility in the exchange rates and the developments in the real sector were evaluated.
Steps to be taken in the economy in the upcoming period were summarized under two main axes, namely the measures which will be taken by the Central Bank and administrative and structural arrangements which will be swiftly put into effect by the government.
10 outcomes from the 5-hour summit
Theeconomy is strong and solid: The Turkish economy is strong, resilient and solid. The depreciation of the TL against the dollar is not due to the dynamics in Turkey but rather to global factors. There is no currency risk in Turkey.
Transformation packages: Structural transformation packages will be implemented quickly. Continuous reforms will make the economy resistant to external shocks.
Central Bank will be independent: The Central Bank will continue to take independent decisions while using policy instruments. However, it will also look out for the general economic targets of the government.
Treasury's contribution: The treasury will contribute to the already existing or set to be established private sector funds that meet certain criteria. The scope of microfinance support for those who want to start a business will be expanded.
Interest rates on deposit will be lowered: At discretion of public banks, the interest rates on deposits are being lowered. The Banking Regulation and Supervision Agency (BDDK) will be sensitive in supervision and monitoring of the finance sector.
Incentives for industrial loans: Banks will be encouraged to turn to industrial loans. Government banks will support the market along with low interest loans.
Production will be supported: Steps which will increase the production will continue. The uncertainties for the business will be reduced to minimum.
Invitation for global investors: The strong sides of the Turkish economy will be brought in the forefront in order to attract global capital. Turkey, which has been successfully tested against the global crisis so far, will maintain its strong growth target.
Attention for the foreign exchange lobby: Special measures will be taken against those who turn to speculative transactions in the foreign exchange market. Institutions will act together against those who are trying to create a sense of crisis.
Investors will be informed: Organizations investing in Turkey will be informed on a regular basis. New steps will be taken to make free trade areas attractive.