Mehmet Şimşek: We Must Be Patient
Turkish Minister of Treasury and Finance, Mehmet Şimşek, spoke to the Financial Times and stated, "We are on the right path. We must be patient" regarding the policy changes that have been implemented following the elections. He emphasized that their goal is to "rebalance the economy and soften domestic demand."
In an interview with the Financial Times, Turkish Minister of Treasury and Finance Mehmet Şimşek expressed his support for President Recep Tayyip Erdoğan's new economic policies, stating that they are on the right track. He pointed out that there are strong indications that confidence is returning. However, he emphasized the need for patience, as they are still in a challenging period.
Şimşek mentioned that inflation would remain in a "transitional phase" until the middle of next year. He also noted that, in addition to quantitative tightening measures, financial conditions are tighter than indicated by the Central Bank of the Republic of Turkey's policy rate.
"We need confidence to chip away at inflation expectations," Şimşek said.
Addressing the issue of companies and banks' access to external resources, Şimşek stated, "As we make progress, companies' and banks' access to international capital markets will improve. This is a critical issue. From this point on, our job will become much easier."
Source: Financial Times
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