CBRT President Urges Switch to Turkish Lira

CBRT President Erkan: It is Time to Transition to Turkish Lira

In a recent speech, Hafize Gaye Erkan, President of the Central Bank of the Republic of Turkey, emphasized the importance of transitioning to the Turkish lira. The President stated, “We see the most direct reflections of this in deposit developments.”

President Erkan made these remarks during a meeting hosted by the Turkish Exporters Assembly (TİM), where important issues for exporters were discussed. The President highlighted the significance of price stability for sustainable growth and assured exporters that the Central Bank is aware of the challenges they face due to foreign demand.

Furthermore, President Erkan expressed optimism about Turkey’s potential in the global economy and emphasized the role of price stability in increasing predictability and supporting economic potential.

President Erkan also discussed the positive results of the implemented policies and emphasized the importance of right policy designs in ensuring the continuity of production.

Referring to the recent Monetary Policy Committee decision, President Erkan emphasized the need to transition to the Turkish lira and pointed out the direct reflections of this in deposit developments. Additionally, the President highlighted the Central Bank’s actions to re-establish the credit flow and support companies’ access to finance for export and investment potential.

In conclusion, President Erkan’s statements underscore the Central Bank’s commitment to fostering economic stability and supporting the growth of the Turkish economy. As the country navigates through a period of transition, the Central Bank aims to provide the necessary support to ensure the continuity of production and maintain favorable financing conditions for businesses.

 

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