Turkey’s “Economic Coordination Board” convenes at Presidential Palace in Ankara

Due to economic issues that needed urgent attention President ERDOGAN convened the Economic Coordination Board at the Presidential Palace in Ankara. After the meeting following statements were made by officials: “In the meeting, the government confirmed its determination to reach its targets on monetary and fiscal policies. Our administration will no way compromise on the financial discipline which is one of the most important anchors of Turkey’s economy.

The statement went to share following points:

“Measures to compensate for the rise in expenditures are being put into effect.

In medium and long terms an approach will be followed to ensure no damage is done to fiscal management. Necessary steps will be taken to reduce interest and exchange rate pressures and combat inflation more effectively.

In this regard, the Central Bank will continue to use the instruments in its possession effectively. “Open market economy” policies will be strictly adhered to. No practices other than the market mechanism are in question, to include the exchange rate regime, the foreign exchange deposits accounts and the exchange regime in the first place.

Turkey has come to its present level thanks to growth-oriented economic policies. Our country will continue on its way with growth-based economic policies in the upcoming period, as well. The private sector will continue to be at the center of our growth policies with the guidance, support and encouragement of the public sector.

Our banking sector is at its strongest level in terms of capital adequacy, asset quality, liquidity level and accessibility to international markets. An increase in deposits above the rate of increase in loans has been observed for a while. Steps will be taken to facilitate the need of the real sector for funding. Banks have been advised to provide loans to the real estate sector, one of the most important drivers of our economy. Efforts will be made to ensure effective use of existing foreign exchange and gold assets. “Wealth Peace” enforcement will be expanded to include domestic and foreign savings. “

Note: In his latest statement prior to the meeting, President Erdogan had said, “We have projects to reverse the wave of attacks on the exchange rate.