September 11, 2023 09:38 GMT
Simsek Reiterates Need for Price Stability, Says Loan Growth Must Be Reined In
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.