Turkish economy is stabilizing: finance minister

2018-10-08 08:02:46

Turkish Finance Minister Berat Albayrak says budget discipline to be upheld 'without compromise'

Turkish economy is stabilizing: finance minister
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Treasury and Finance Minister Berat Albayrak said on Sunday that the Turkish economy was in the process of stabilizing.

He spoke on the current economic state and future policy at the ruling Justice and Development (AK) Party's consultation meeting in capital Ankara.

Emphasizing Turkey’s relatively low public (28 percent) and household (16 percent) debt-to-GDP ratios -- both roughly half the developing country average -- Albayrak said the country was better off than global averages.

“Budget discipline, which has been one of the greatest economic successes in 16 years of AK Party governments, will be strictly upheld in the coming period without compromise,” he said.

Albayrak also discussed the government’s measures against speculative attacks on Turkey’s economy in the past two months, including the 25 percent foreign exchange limit on Turkish banks’ swap transactions, revision of the stoppage rates on deposit accounts, steps to strengthen the lira as well as ameliorative measures for banks.

He underlined the country’s success in lowering its credit risk (CDS) spread by 550 basis points through effective economic policy and strong coordination with stakeholders.

Saying the Turkish economy had entered the process of “balancing”, Albayrak referred to the country’s falling current account deficit and rising net exports.

On future policy, he stated that increasing exports, lowering the current account deficit, and facilitating production of technology would be prioritized.

Albayrak also said a strong anti-inflation program would be revealed.

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