Minister Albayrak: The Central Bank is as independent as the FED

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Minister of Treasury and Finance Berat Albayrak, at the session titled “Shaping the global growth agenda” held within the scope of the 50th World Economic Forum in Davos, Switzerland, said that Turkey’s balance sheet is very strong and competitive.

Reminding that the ratio of public debt to national income in the European Union is approximately 90 percent, while this ratio is around 32 percent in Turkey, Minister Albayrak explained that Turkey fulfills the values determined in the EU’s Maastricht Criteria.

Emphasizing that the private sector in Turkey has made its export capacity very competitive, especially in the last 25 years, Albayrak underlined that the banking sector in Turkey is also in a very good condition.

Albayrak added that Turkey has a strong balance sheet, growth capacity, competitive private sector, high export capacity and young population.

Reminding that Turkey has experienced events such as Gezi Park and the July 15 coup attempt of the Fetullah Terrorist Organization (FETO) in recent years, Albayrak said that Turkey is neighboring Syria, Iraq and Iran, and has serious relations with terrorist organizations such as DAESH, YPG, PKK and PYD. He emphasized that he fought hard.

Türkiye will continue reforms

Albayrak pointed out that Turkey has learned a lot from its past experiences and switched to the new Presidential System in 2018.

Noting that exchange rate stability has been achieved and export performance has improved in Turkey, especially in the last year, Albayrak explained that the economy has a current account surplus.

Stating that they are trying to provide suitable conditions for the private sector to be more competitive, Albayrak said, “The government has made huge investments in infrastructure, transportation, telecommunications and energy in the last 16 years.” said.

Emphasizing that the Central Bank of the Republic of Turkey is as independent as the US Central Bank FED, Minister Albayrak said, “The Central Bank’s only responsibility is not to ensure price stability. The Central Bank must also ensure financial stability. Because developing economies need to grow, increase employment and investments. .” he commented.

Albayrak added that Turkey will continue economic reforms.

Source: https://www.aa.com.tr/tr/ekonomi/bakan-albayrak-merkez-bankasi-fed-kadar-bagimsiz/1711536

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