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Turkish Finance Minister sees promising prospects for economic growth
Turkey is continuing to pursue a strong economic growth path and the foundations of its economy are strong, state media quoted the new Turkish Finance Minister Berat Albirek as saying.
Concerns over the independence of the central bank increased after President Recep Tayyip Erdoğan appointed his daughter-in-law Albirk as finance and treasury minister, boosting expectations that Erdogan, who describes himself as an "enemy of interest", will seek to exert greater influence on monetary policy.
The lira fell this year and lost about 20 percent of its value against the dollar as concerns over the central bank's ability to curb double-digit inflation, while Erdogan has repeatedly called for a cut in interest rates.
The government's recent policy aims to maintain prudent fiscal policies, achieve strong credit growth, implement structural reforms and strengthen the framework for monetary policy in Turkey, Anatolia news agency quoted Albirek, who is in Argentina for the G20 summit, as saying.
"Turkey's economy continues to grow strongly, the fundamentals of our economy will be strong and our prospects are promising," he said.
Investors are following closely with Albirek's remarks to guide him on whether he will try to calm financial markets by adopting a more hawkish approach to monetary policy or to confirm Erdogan's view that high interest rates boost inflation.
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