Erdoğan's 'foreign currency' message to exporters: 'We reduced it from 40 percent to 30 percent'

President and AKP Chairman Recep Tayyip Erdoğan spoke at the 31st Ordinary General Assembly of the Turkish Exporters Assembly (TİM) at the Haliç Congress Center. 

Stating that the disinflation process has begun, Erdoğan said, "The Turkish economy will rise to a very different league at the end of this process."  

Highlights from Erdoğan's remarks are as follows:

MANDATORY FOREIGN CURRENCY CONVERSION

"I would like to share some good news today. We have reduced the mandatory foreign currency conversion rate for our exporters from 40 percent to 30 percent. The regulation will be effective starting Monday. 

"WE ARE ENTERING A DISINFLATION PROCESS"

We believe that the most difficult period in inflation is now behind us. We are now entering a new period, a disinflation process. Just as we reduced inflation to single digits in the past, we will hopefully achieve the same success again. Growth rates are also looking extremely positive. 

Foreign capital inflow into our country continues. Borrowing is being carried out at lower costs. Our country's CDS premium has declined. You are also seeing the credit rating upgrades and outlook revisions by credit rating agencies. 

The Turkish economy will rise to a very different league at the end of this process."

News Source: 12punto