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9/14/2018

Important Statements by Berat Albayrak, the Minister of the Treasury and Finance

"We will announce the 3-year OVP (Medium Term Program) on September 20. -We will soon make a Regulation that prohibits payments and transactions in foreign currency, and explain the principles of retrospective transactions. -We will establish a "Cost and Transformation" office to save money and ensure efficiency in public organizations"...

The Minister of Treasury and Finance, Berat Albayrak, made important statements about the recent economic developments.

Albayrak said: "The Central Bank has taken the necessary monetary policy measures to fight inflation. It has also signaled that it will take new tightening measures when considered necessary. Now the most important matter on the financial side is to announce our 3-year Medium Term Program (OVP) for fighting inflation, ensuring a sustainable and healthy growth, and reducing the current deficit. We will announce it on September 20". Noting that realistic macroeconomic objectives will be set in the OVP, Albayrak said: "We will share the steps that we will take to attain these objectives."

Albayrak also said: "Fighting inflation, saving and ensuring efficiency will be the primary objectives for all ministers in the upcoming period. We will try to ensure that the private sector, banks and NGOs contribute to these efforts. We will meet with all of them." Albayrak further said: "We have made a regulation that bans payments and transactions in foreign currency. We will publish our regulation as soon as possible and announce the principles of the retrospective transactions." Albayrak stated that they opened to discussion the communiques on the regulation that requires exporters to bring into Turkey and convert into Turkish currency their foreign exchange within 180 days. 

Minister Albayrak also stated that they would establish a "Cost and Transformation" office to save money and ensure efficiency in public organizations. Albayrak said: "We have earned and save 35 billion TL to establish the budgetary balance by the end of the year. The budget deficit will be below 2 percent." Albayrak also said: "Domestic production of intermediate products with a high share in imports is particularly important. The OVP will also assign responsibilities on all Ministries in this respect.