President Erdoğan's 'credit' statement: 'The time has come'

President and AKP Chairman Recep Tayyip Erdoğan has made a statement that will stir the markets. Speaking to journalists on the plane while returning from critical meetings in Hungary, Erdoğan addressed the issue of credit. Pointing to the upcoming period, he stated, "I have given the necessary warnings to our relevant colleagues regarding this matter. We are currently in the process of preparing for it."

On the way back from Hungary to Turkey, the following question was posed to President Erdoğan:

"Alongside positive developments in the economy, complaints from the real sector regarding access to credit and costs have begun to be heard more frequently. Perhaps you will observe this more clearly in an upcoming meeting. Previously, you had announced a direct support package for those struggling, especially SMEs, regarding access to credit through the Credit Guarantee Fund. You had also increased Eximbank limits following criticisms or complaints from exporters that this was sometimes insufficient. Therefore, looking at it as a whole, are you considering taking steps regarding the support of the real sector, both in terms of Eximbank and the Credit Guarantee Fund?"

"WE ARE IMPLEMENTING IT WITH DETERMINATION"

Pointing to the upcoming period, Erdoğan used the following expressions:

"We are implementing our economic program with determination. The decline in inflation is being seen in a remarkable way. This is a process and it is continuing. I also attach importance to the Credit Guarantee Fund. In other words, it is beneficial to take a step at this point and pour water into the pump from the Credit Guarantee Fund so that it can get moving. Hopefully, we will take a much different step in the new period. I have given the necessary warnings to our relevant colleagues regarding this matter. We are currently in the process of preparing for it. We are obliged to take this step. The fact that the prescription we are applying in the economy is yielding positive results is an indicator that we are on the right track. The decline in inflation increases predictability. We have seen the lowest level of the last 40 months. While these developments ensure the improvement of expectations domestically, they reflect positively on Turkey's credit rating in terms of access to external financing. For the continuation of this positive picture, we are paying as much attention to financial stability and growth dynamics as we are to price stability."