Very harsh 'locals' statement from the Ministry of Treasury and Finance: 'Irrational rhetoric...'

While the use of the word 'locals' by Treasury and Finance Minister Mehmet Şimşek for Turkish citizens during a panel he attended as part of the IMF Spring Meetings continues to be criticized, a statement has come from the Ministry. In the statement, it was said regarding the criticisms: "irrational rhetoric is unacceptable."

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Very harsh 'locals' statement from the Ministry of Treasury and Finance: 'Irrational rhetoric...'

Treasury and Finance Minister Mehmet Şimşek's use of the word 'locals' for Turkish citizens during a panel he attended as part of the IMF Spring Meetings has become a subject of debate.

Following the discussions that have been ongoing for 2 days, the Ministry of Treasury and Finance issued a press release.

The following statements were included in the release:

"HAS REPEATEDLY STATED THAT IT REFERS TO 'LOCAL INVESTORS'"

"We are watching with astonishment as the word 'locals,' which is part of economic/financial terminology and was used by our Minister of Treasury and Finance, Mr. Mehmet Şimşek, in a panel within the framework of his US contacts, continues to be used as political fodder, and we find this statement necessary.

In the relevant part of the speech, our Minister stated that the program would be strengthened to support disinflation, that structural reforms would be accelerated, that there is strong interest from international investors in Turkish assets, and that local investors need to be convinced that inflation will fall.

Experts on the subject have also repeatedly stated that this word, which is routinely used in terminology, refers to 'local investors.'

Therefore, the strange and irrational rhetoric attributed to our Minister, Mr. Mehmet Şimşek, over this expression, which is frequently used and accepted by economic and financial circles, is unacceptable.

We strongly condemn these intentional and conscious accusations."