'Turkish economy well placed to compete on world stage'

By Merve Berker

ANKARA (AA) – Turkey boasts strong foreign currency reserves and its economy is well positioned to compete on the world stage, said the nation’s president on Monday.

“The Central Bank had $27.5 billion in foreign exchange reserves when we took office,” in fall 2002, said Recep Tayyip Erdogan, adding that now, it has $95 billion.

Speaking to the Izmir Provincial Congress of his ruling Justice and Development (AK) Party, Erdogan said Turkey’s reserves are poised to grow larger still.

He also explained: “All foreign exchange transactions in Turkey comply with the law and market rules and involve no exploitation, unfair gain, or illegal or immoral dealings.”

At the heart of Turkey's breakthroughs in the energy sector – including its discovery of natural gas reserves in the Black Sea last year – are the strategies and groundwork developed under onetime Energy and Natural Resources Minister Berat Albayrak, who also served as finance and treasury minister, said Erdogan.

Erdogan also criticized those who have derided Albayrak’s efforts and success.