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Turkey's economic climate to be 'completely different' by summer: President

Turkey's economic climate to be 'completely different' by summer: President
Turkish president calls for academics, economists to contribute to government's new economic model with guiding solutions

By Aysu Bicer

ANKARA (AA) - The economic climate in Turkey will be "completely different" this summer when balance is established in the financial system, the country's president said on Friday.

At a meeting with members of the press and academia at the Presidential Dolmabahce Office in Istanbul, Recep Tayyip Erdogan called for academics and economists to contribute to the government's new economic model by formulating solutions and providing guidance.

He said Turkey has launched a historic change in economic policy, adding that it had put 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 explained

Noting that the foreign exchange reserves of Turkey's Central Bank currently stood at over $115 billion, Erdogan said: "This amount will be in a much better position. Today, Turkey has the infrastructure it needs in every field from education to health, from security to law, from industry to tourism."

Turkey's government has argued that a recent surge in exchange rates ignores the country's strong economic fundamentals, blaming high prices on hoarders and global factors. The benefits of Turkey's new approach will become clear in the next three to six months, according to Erdogan.

source: News Feed
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