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UPDATE - 'Turkish economy well placed to compete on world stage'

UPDATE - 'Turkish economy well placed to compete on world stage'
President Erdogan points out Turkish foreign exchange reserves have grown from $27.5B in 2002 to $95B today

UPDATES WITH MORE REMARKS BY PRESIDENT, ADDS BACKGROUND

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.

“During my premiership, this foreign exchange reserve increased to $132 billion. After that, we went down to $95 billion. What does this mean? We can go back to $132 billion and we will even reach $200 billion,” said Erdogan.

Turkey’s reserves are poised to grow larger still, he said, while speaking to his ruling Justice and Development (AK) Party’s 7th Izmir Provincial Congress. He also attended the provincial congresses of both Hakkari and Nevsehir via video link.

“Turkey, which has already been under economic attack for some time, also needed to develop measures against financial fluctuations caused by the pandemic in the international arena. During this difficult period, planned and controlled foreign exchange transactions were carried out to avoid problems on the balance of payments side.

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

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.


- PKK terror

Erdogan slammed the terrorist organization, PKK.

“For almost 40 years, the terrorist organization has been killing everyone -- from a baby in the womb, to one in the cradle; from a student going to school, to mothers, grandmothers, and the elderly.”

The number of terrorists in Turkey have decreased from thousands to hundreds thanks to our efforts, said Erdogan.

“Even though we are faced with many problems today, from the pandemic to terrorism, if we are still standing, if we can still look confidently at our future, if we are still walking toward great goals, we owe it to the achievements over the past 18 years.

“When we look at countries that are panicking in the face of threats and crises that are too small to compare with what we have been experiencing, we better understand the value of these gains.”

In its more than 35-year terror campaign against Turkey, the PKK – listed as a terrorist organization by Turkey, the US, and the European Union – has been responsible for the deaths of at least 40,000 people, including women, children, and infants. The YPG is the PKK’s Syrian branch.

source: News Feed
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