Treasury and Finance Minister Mehmet Şimşek, in his assessment of developments in the fund markets in recent weeks, argued that the process is under control. Şimşek stated that these developments will contribute to the capital markets achieving a healthier and deeper structure.
Speaking at the opening of the Istanbul Economic Forum organized by the Central Bank of the Republic of Turkey (TCMB) at the Istanbul Finance Center, Şimşek said that the main goal of the economic program is price stability. Central bank governors and high-level policymakers from different countries around the world also attended the forum.
Şimşek noted that the disinflation process has slowed down partially this year due to the impact of the war, but that the fight against it has not been abandoned. Emphasizing that the priority of the Medium-Term Program is price stability, Şimşek stated that fiscal discipline has been achieved and will be maintained.
Noting that the Turkish economy continues to grow, Şimşek said that while trading partners grew by approximately 1.5 percent, the Turkish economy grew by over 3 percent last year. Stating that the average annual growth over the last 25 years has been close to 5.5 percent, Şimşek remarked, "Turkey's growth story maintains its strength."
Minister Şimşek said that the Central Bank is implementing a tight monetary policy not only through the policy rate but also through quantitative tightening and selective credit tightening steps. Stating that there is also room for maneuver in fiscal policy, Şimşek reported that the ratio of public debt to gross domestic product is approximately 22 percent, and the budget deficit is close to 3 percent.
"THE SITUATION IS UNDER CONTROL"
Şimşek stated, "The situation is under control. The developments experienced will contribute to the process of creating healthier and deeper capital markets. We have the policy space to take the necessary steps in a world open to shocks."
DEFENSE EXPENDITURES TO BE INCREASED BY 229 PERCENT
News Source: 12punto
