Türkiye’s finance minister is urging patience as a new team of technocrats works to rebuild investor confidence in the country’s economy.
“We’re on the right track. There is strong evidence confidence is returning,” Mehmet Şimşek told the Financial Times.
However, he cautioned the public, saying, “We need to be patient, it’s still challenging.”
Şimşek stated that he aims to “rebalance the economy and reduce domestic demand.”
As a former Merrill Lynch economist who has recently returned from a trip to New York to attract fund managers, Şimşek outlined policies that would primarily address inflation control, replenishing the country’s dwindling foreign currency reserves, and narrowing the substantial current account deficit.
“We have already taken dramatic measures,” the minister underscored. Higher exports and investment would be key to sustaining growth, according to Şimşek.
On Thursday, the Central Bank of Türkiye increased its policy rate by 500 basis points to 30%, in line with market expectations.
Şimşek also emphasized that President Recep Tayyip Erdoğan has expressed his full “support and commitment” to the new economic policy.
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