Türkiye to shape economy policies around ‘stability, confidence, sustainability’

ANKARA

Türkiye’s economy policies will be shaped around “stability, trust and sustainability,” the country’s treasury and finance minister said on Thursday following the central bank’s rate hike.

“The Turkish government’s economic philosophy is based on the framework determined by the principles of freedom of enterprise, the market economy, outward oriented foreign exchange regime, floating exchange rate system, and inflation targeting model”, Mehmet Simsek wrote on Twitter.

“Today, the decision taken by the Central Bank should be evaluated within this framework,” he added.

The establishment of those principles will provide a very serious capital flow to Türkiye, Simsek said.

“This will make financing investments and production much easier, and will ensure that the Turkish lira regains stability and becomes a reliable currency.”

Earlier on Thursday, the Central Bank of Türkiye announced that the monetary tightening process has begun to curb inflation as it raised the policy rate by 650 basis points to 15%, the bank’s first such rise in 27 months.

• Central Bank of Türkiye
• Interest rate rise
• Mehmet Simsek