Minister Şimşek speaks positively on the economy: 'Our program is working'

Minister of Treasury and Finance Mehmet Şimşek commented on his X account regarding the weekly statistics released by the Central Bank of the Republic of Turkey (TCMB).

In his post, Şimşek painted a positive picture for the economy, stating, "Our program is working, our financial indicators are improving."

Here is Şimşek's post:

"Our program is working, our financial indicators are improving.

The CDS, which indicates risk premium, has decreased by 435 basis points compared to May of last year, falling to 268 basis points, its lowest level since February 2020.

The stock of Protected Exchange Rate Deposits (KKM), which has been declining uninterruptedly since August 2023, has decreased by 36 percent, with a nominal decline reaching 1.2 trillion TL. During this period, the share of TL deposits in the total increased by 14 points.

While the Central Bank's gross reserves reached 134.4 billion dollars, the improvement in net international reserves excluding swaps has been 42 billion dollars in the last month and a half.

The positive results of our program and the financial stability strengthened by increasing confidence will make a significant contribution to disinflation."

Programımız çalışıyor, finansal göstergelerimiz iyileşiyor.

Risk primini gösteren CDS geçen yıl mayıs ayına göre 435 baz puan azalarak 2020 yılı şubat ayından sonraki en düşük seviyesi olan 268 baz puana geriledi.

2023 yılı ağustos ayından itibaren kesintisiz olarak gerileyen…

— Mehmet Simsek (@memetsimsek) May 16, 2024

News Source: 12punto