Erdoğan promises a 'completely different economic climate' by summer

Photo: AA

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The economic climate in Turkey will be "completely different" this summer when the balance is established in the financial system, President and Justice and Development Party (AKP) Chair Recep Tayyip Erdoğan has said.

At a meeting with members of the press and academia at the Presidential Office in İstanbul's Dolmabahçe Palace, Erdoğan said Turkey has launched a "historic change" in economic policy, by putting aside the classical understanding of controlling inflation with high interest rates.

"Rather, it has adopted an economic policy based on growing the country with investment, employment, production, exports, and current surplus," he said.

The president said the foreign exchange reserves of Turkey's Central Bank have exceeded 115 billion dollars, adding that "this amount is going to be in a much better shape."

NOTE: According to calculations based on Central Bank figures released on December 17, the net reserves are 12.1 billion dollars and the gross reserves are 78.36 billion dollars. The net reserves excluding swap deals stand at minus 46.7 billion dollars.

(HA/VK)