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Mehmet Simsek: We are determined to support investment, production and exports

Minister of Treasury and Finance Mehmet Simsek said, “We are determined to support investment, production and exports during the disinflation process.”

Minister of Treasury and Finance Mehmet Simsek stated the following in his statement on his social media account regarding the data announced by the Central Bank of the Republic of Turkiye today;

We are determined to reduce inflation because price stability is a prerequisite for sustainable high growth. While investor confidence has increased with the policies we have implemented, our reserves have strengthened and our country risk premium has decreased.

“Turkiye’s risk premium decreased to 330 levels today”

According to the data announced today, CBRT gross reserves reached $134.5 billion, its highest level since September 2014. Turkiye’s risk premium, which was over 700 in May, dropped to 330 today.

We are also determined to support investment, production and exports during the disinflation process. In this context, while Eximbank’s capital was strengthened, we increased the daily rediscount credit limit by 10 times to ₺3 billion in order to support exporters’ access to financing. We set an upper limit on rediscount loan interest for export and foreign exchange earning services and kept the discount rate constant at a maximum of 25.9%.

With the new YTAK program, the CBRT allocated a limit of ₺100 billion annually, a total of ₺300 billion for 3 years, to support qualified investments.

Source: Trthaber / Prepared by Irem Yildiz

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