Turhan: CBRT's financial instruments should be raised

DAILY SABAH WITH WIRES
ISTANBUL
Published 02.06.2015 23:32

The former chairman of the Borsa Istanbul (Istanbul Stock Exchange Market) and AK Party İzmir MP candidate, İbrahim Turhan, noted that new regulations might be required in order to increase the financial instrument capacity and also flexibility of the Central Bank of the Republic of Turkey in certain areas. He further underlined that discussions about the instrument independency and price stability, which are the two main aims of the Central Bank should not be commenced. Since the 1990s, developing countries' growth rates have been higher than the growth rates of developed countries. However, last year, the growth rates of developing countries were lower than the growth rate of the U.S. Within the next few years, the performance of developing countries will differentiate them from each other and Turkey should restructure its economic institutions by considering its requirements, according to Turhan. He further stated that after the global economic crisis, certain functions and duties within many institutions have been changed in developed countries, including the U.K. and the U.S., and Turkey should benefit from these experiences and undergo a similar restructuring of its institutions. "We need to create a new economic program supported by structural reforms and focus mainly on growth," said Turban, adding that the government should not only support the private sector passively but should do so actively, and should have a bigger role in supporting finance, especially in development banking, investment banking and capital markets.

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