The Turkish economy has made significant progress through the reforms and fiscal discipline implemented since the 2001-February crisis. In particular, our banking system has been provided with a structure that is protected against internal and external risks. In this sense, it is possible to say that our banking infrastructure is much stronger than many European countries. As Türkiye grew over time, the financial sector also gained maximum profit from this. For more than fifteen years, we have witnessed a process in which both the private sector and the banking sector have benefited. This had a positive impact on our country’s GNP. Thus, the efforts put forth by our sectors were reflected in the growth performance of our country. All stakeholders of the economy made significant profits during this period. So much so that even during the Global Crisis in 2008, our country’s financial system did not encounter any problems. Even this is an important indicator for us to know the Turkish economy.
It is obvious that there are some problematic situations at this point. Especially current interest rates do not match the realities of our country. Investment is necessary to grow. Investment is a system that operates inversely proportional to interest. Unfortunately, it is difficult to maintain the investment environment in our country with current interest rates. Of course, there is also the issue of inflation. We have to manage this triangle in a certain harmony. Otherwise, it is possible that we will enter a process that will challenge our industrialists and even our employees due to a domino effect.
It is a pleasing situation for us that the interest rates in public debt auctions are in a downward trend. Of course, it is very important that this is reflected in the banks and real sectors in the short term. The sector experiencing this relief, thus easing the debt and interest burden to some extent, will undoubtedly have a positive impact on growth rates. While the slight decline in increasing exchange rates signals stability in the exchange rate base, the interest problem is one of the most important issues we need to solve. We all know the foreign political realities underlying this. Some internal and external forces that are disturbed by Turkey’s growth and development will use all kinds of arguments, including finance, to the fullest. Here, every industrialist and even every citizen of our country should act with moderation and not give credit to temporary and speculative developments. We must trust our country, our economy and our money, and act collectively. We must learn to learn from past crises and have full confidence in ourselves and our country.
Let’s not forget that Türkiye and our economy will continue to grow despite all opposition and obstacles. A stable Turkey is essential for both our region and global peace, tranquility and prosperity. What happened and what was done should only be seen as reckless attacks by vested interest gangs who are disturbed by the fact that a growing Turkey has become a global player. But there is one truth: They will not succeed! No matter what they do, they will not be able to harm this country. All shameless attacks will strengthen this country’s economy and increase its resistance and durability. Because there is a truth they don’t know. While we keep our economy and financial system strong on a rational axis, there are heartfelt prayers of Somalian Muhammet, Palestinian Zeynep, Kosovo Halil, Arakanese Hatice, who pour into this country day and night. That’s why we know they can’t do anything, we’re sure of it. Because this is the last castle. The foresight and faith of this nation, which is the hope of the oppressed and the fear of the oppressors, is beyond their comprehension. This castle will not fall. As Yahya Kemal said in his poem, “So that your reputation may rise with the adhans, be victorious, because this is the last army of Islam!”
As we enter a new year, I wish health, tranquility and peace to our country, our nation and all humanity, and I offer my respects with the hope of living together in 2019, a year in which Turkey thrives.
Giyasettin Eyyüpkoca
