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Simsek Reiterates Need for Price Stability, Says Loan Growth Must Be Reined In

TURKEY
Bullet EM Bullet Emerging Markets News Homepage

Summary of comments from Simsek’s interview to local broadcaster NTV (via BBG):

  • Exchange rates were kept at a certain level between December 2021 and May 2023; new economy management let exchange rates free.
  • The Medium-Term program consists of three pillars: disinflation, fiscal discipline and structural reforms.
  • Says foreign inflows will “complement” the three pillars.
  • Price stability is the government’s utmost priority.
  • The medium-term program will bring down inflation to single digits.
  • Weak exchange rate/high inflation era to end.
  • Reforms needed to boost productivity.
  • Turkey to limit loan growth, quantitatively if needed; says inflation can't be reined in with such high loan growth.
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Summary of comments from Simsek’s interview to local broadcaster NTV (via BBG):

  • Exchange rates were kept at a certain level between December 2021 and May 2023; new economy management let exchange rates free.
  • The Medium-Term program consists of three pillars: disinflation, fiscal discipline and structural reforms.
  • Says foreign inflows will “complement” the three pillars.
  • Price stability is the government’s utmost priority.
  • The medium-term program will bring down inflation to single digits.
  • Weak exchange rate/high inflation era to end.
  • Reforms needed to boost productivity.
  • Turkey to limit loan growth, quantitatively if needed; says inflation can't be reined in with such high loan growth.