Turkey to continue to tighten monetary policy to reduce inflation, current account deficit, says Mehmet Simsek
Evaluating agreements signed between Turkey and UAE, worth around $51 billion, the Turkish treasury and finance minister said that deals further cemented ties between the two countries.
“We are grateful for the UAE’s continued strong support for Turkey and their confidence in our program,” Mehmet Simsek said at the UAE-Turkey Business Forum, which was organized by Turkey’s Foreign Economic Relations Board (DEIK) in the capital Abu Dhabi.
Mentioning Turkey’s economic program, the minister said it has three main pillars: “a sound monetary policy,” “fiscal discipline,” and “structural reforms.”
Turkey aims to strengthen macroeconomic stability through credible rule-based policies, he stressed, adding, “We have already taken strong initial steps to improve public finances and to reduce persistent high inflation through a multi-pronged strategy.”
“In particular, the recent enhancements in the monetary policy framework is encouraging, we will continue to gradually tighten monetary policy to reduce inflation and current account deficit.”
The country plans to unveil a structural reform agenda in September, along with its medium-term economic program, the minister said.
Turkey has enormous potential, and the Turkish government’s commitment to tackling macroeconomic challenges will unlock this potential, Simsek noted.
“Therefore, we would like you to be a part of this success story,” he stressed.
Simsek said: “It’s encouraging to hear that our UAE counterparts believe in our program.
“We have been working very closely in preparation for this summit, (and) we have already identified priority sector and mutually beneficial investment opportunities.”
Turkey is open for business, he said, adding: “Our doors are open to you all on any matter that would help while doing business in Turkey.”
He also thanked the UAE for its support for the Turkey’s earthquake relief efforts.
