Minister Şimşek’s announcement on minimum wage – Latest News
Finance and Treasury Minister Mehmet Şimşek made important statements regarding the economic agenda in a TV program he attended. Minister Mehmet Şimşek’s statements are as follows: “It is easy to get on the grey list, but very difficult to get out. They just recently put Monaco on the grey list, and there are still countries like Bulgaria and Croatia which are members of the EU and on that list.”
“In order to ensure efficiency in practice, we immediately put forward a program. We made a special effort in this regard. With the support of our President, I talked to our Minister of Justice and Minister of Interior. Without the support of our Ministry of Interior and Ministry of Justice, we could not have gotten out of this list. This was a team effort.”
“We made it clear that MASAK played a leading role in the process. This is a technical process. The financial system needs to be reliable and function properly. We did not do this to get out of the grey list. The main goal here was to demonstrate that Turkey’s reputation, financial markets, and the reliability of the system is strong. This was a team effort and it was successfully executed.”
“Turkey’s exit from this list is very important both for the reputation of our country and the trust in the financial system. There could be an acceleration in capital inflows. We are already dealing with how to manage this strong capital inflow. When there is an excessive influx of foreign currency into the system, you buy TL in return, and TL threatens the disinflation process.”
“Since the end of March, the net amount reflected in the Central Bank’s reserves has reached around 78 billion dollars. This is unprecedented in Turkey’s financial history. We are close to reaching the desired level of reserve adequacy according to the IMF definition.”
“According to the figures announced last week, gross reserves have reached the level of 148 billion dollars, a historical record. The main thing here is that we reduced the swaps with domestic banks, bringing it down to 5 billion dollars. Turkey’s net reserve position has improved significantly.”
“At the end of March, when our net reserves went down to around -60 billion dollars at one point, they are now around +12 billion dollars. Turkey has turned its foreign exchange reserves from a problem into a strength.”
“Our main goal is to ensure stability in nominal exchange rates in the medium and long term. We still have a long way to go.”
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