Mehmet Şimşek calls for 'patience' and 'trust': We are still in a difficult process
Speaking to the Financial Times, Treasury and Finance Minister Mehmet Şimşek stated that they aim to "rebalance the economy and soften domestic demand," noting that patience is required for the policy change process. Şimşek said, "We are on the right track. There is strong evidence that confidence is returning. However, we must be patient; we are still in a difficult process."
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Treasury and Finance Minister Mehmet Şimşek spoke to the Financial Times.
"WE MUST BE PATIENT, WE ARE STILL IN A DIFFICULT PROCESS"
Stating that AKP Chairman and President Recep Tayyip Erdoğan supports the new economic policies, Şimşek made the statement, "We are on the right track. There is strong evidence that confidence is returning. However, we must be patient; we are still in a difficult process."
"WE NEED TRUST"
Noting that inflation will be in a "transition period" until the middle of next year, Şimşek said that with quantitative tightening measures, financial conditions are tighter than what the CBRT policy rate indicates.
Şimşek said, "You need trust to reset inflation expectations."