Turkey won't prioritize high interest rates: New Finance Minister

Turkey won't prioritize high interest rates: New Finance Minister

Turkey will not prioritize high interest rates under the new economic model, the newly appointed treasury and finance minister Nureddin Nebati said Thursday, Trend reports citing Daily Sabah.

“Our priority will not be high interest rates but investment and employment,” Nureddin Nebati told a handover ceremony in the capital Ankara after being sworn in as new treasury and finance minister.

Nebati echoed a new economic model based on lower interest rates, which is being endorsed by President Recep Tayyip Erdogan, who says the new policy direction will boost production, jobs, exports and growth.

Nebati said the new economic management will take steps to ensure a predictable market and economy.

Having served three years as a deputy finance minister, Nebati was appointed to the top post after his predecessor Lütfi Elvan stepped down early Thursday.

The announcement in the Official Gazette said Elvan asked to be “pardoned from the job” and that his request was accepted.

“We have taken very important steps during our tenure. We have never given up on financial discipline,” said Elvan, addressing the ceremony alongside Nebati.

“We have had a successful year in terms of borrowing. Despite the high growth performance, we have achieved significant improvements in the current account balance.”

Elvan, a former deputy prime minister and longtime member of the ruling Justice and Development Party (AK Party), held the finance post for just over a year after having replaced Berat Albayrak.

Nebati, 57, studied international relations, political sciences and public administration, according to his resume on the ministry's website.

Nebati last week praised Erdogan’s drive to bring down borrowing costs and said that Turkey had sought for years to implement a policy of low rates but had faced strong opposition.

“This time, we are determined to implement it,” he wrote on Twitter, adding that there was “no problem” with keeping interest rates low in current market conditions.

The Central Bank of the Republic of Turkey (CBRT) has cut rates three times since September, slashing 400 basis points from its benchmark policy rate to bring it down to 15% and is widely expected to lower it again this month. Inflation, on the other hand, neared 20% in October.

Turkey aims to log a current account surplus by supporting manufacturing, exports and employment, Nebati said Thursday.

“We have left the peak period of the pandemic behind with great success. We have guided the process with proactive economic policies. Turkey has become one of the fastest recovering countries during the pandemic,” he noted.

He said the new management will seek to trigger an increase in investment, production and export, in addition to boosting employment and wages, and look to eliminate chronic issues such as the current account gap and foreign debt.

Subscribe to Trend in Google News! Subscribe
Georgian Parliament Speaker meets NATO Deputy SG
Georgian Parliament Speaker meets NATO Deputy SG
Georgia’s parcel shipping companies talk service tariffs in 2022
Georgia’s parcel shipping companies talk service tariffs in 2022
Georgia’s Hualing FIZ works close with Azerbaijani investors - CEO (Exclusive)
Georgia’s Hualing FIZ works close with Azerbaijani investors - CEO (Exclusive)
Loading Bars
Latest
India sees 2.86 lakh new Covid cases, 665 more deaths
Turkey ready to host Zelenskyy, Putin to defuse tensions: Erdogan
PM Modi wears cap from Uttarakhand with Brahma Kamal, stole from Manipur on Republic Day
Moderna starts trial for Omicron-specific booster shot
Each dose of Covishield, Covaxin likely to be capped at Rs 275 after getting regular market approval
Frogs regrow amputated legs after treatment with a chemical cocktail
Indian PM Modi pays tributes at National War Memorial ahead of Republic Day celebrations
Omicron generated antibodies effective against all variants of concern in adolescents, adults: ICMR study
Six injured in explosion at сhemical plant in Louisiana
N. Korea fires unidentified projectile toward East Sea: S. Korean military
US to shut down Afghan embassy, strip diplomats of immunity
Magnificent flypast at 73rd Republic Day parade; celebrations scaled down due to Covid scare
Oil breaks $90/bbl for the first time since 2014
Fed keeps rates near zero, says hike likely 'soon'
Heidelberg shooting: German police say attacker got weapons in Austria
India’s first woman Rafale pilot Shivangi Singh takes part in R-Day parade
Steps taken by Armenia, Turkey to normalise relations are good news - EP's Turkey rapporteur
Georgian Parliament Speaker meets NATO Deputy SG
New US ambassador to Turkey presents credentials to President Erdogan
Embassy of India in Baku celebrates Republic Day (PHOTO)
Booster dose of vaccine required to prevent severe course of COVID-19 - Azerbaijani doctor
Citizens of two more countries allowed to enter Azerbaijan by air
Health structures in Azerbaijan talk COVID-19 vaccine certificate validity
Uzbekistan reveals total assets and liabilities of its banks for 2021
Uzbek Central Bank notes increase in volume of deposits for 2021
Price indexes of industrial, construction sectors at Uzbek stock exchange fall
Azerbaijan says high infectiousness, short incubation period of Omicron strain lead to infection rate growth
Georgia’s parcel shipping companies talk service tariffs in 2022
Rebalancing India’s Foreign Policy
SOCAR to supply spot pipe gas to Turkey
French ambassador convinced by importance of France-EU-Azerbaijan space co-op
Passengers of all three delayed AZAL flights on Baku-Istanbul route depart to destination airport
Advantages of using modernized floating power units in Kazakh copper project named
Azerbaijan to increase gas supplies to Turkey
Azerbaijan pays special attention to restoration of liberated lands - Permanent Representative to UN
OPEC+ expected to stick to planned March output target increase
Sweden sets new daily COVID-19 case record
Azerbaijan maintains positions in Global Firepower 2022 rating
Israel's Partner Comms gets fibre deal to connect East and West
Turkmen Commodity Exchange discloses data on imports from Azerbaijan
Georgia’s Hualing FIZ works close with Azerbaijani investors - CEO (Exclusive)
Kazakhstan to continue implementing measures to battle inflation
Iran, Azerbaijan negotiating to change truck transportation route to outskirts of Astara city - RMTO
Russia pays priority attention to macroeconomic stability - Vladimir Putin
EU, KfW, AFD to maintain support for Georgia’s energy sector
Azerbaijan shares data on number of vaccinated citizens
Turkmenistan, Afghanistan plan to accelerate work on TAP
Uzbekistan and Pakistan to work on preferential trade agreement
Azerbaijan's credit rating at 'BB+/B' neutral for its Eurobonds - Gazprombank
Azerbaijan confirms 3,192 more COVID-19 cases, 1,259 recoveries
Azerbaijani opposition member spared jail over sex attack on vulnerable woman in UK
Iran announces several economic executive orders
Iran seeks foreign investment for Rasht-Astara Railway Project
10 foreigners among Padma awardees
Uzbek Statistics Committee shares data on imports of electric cars
Road bridge across Astarachay River to be breakthrough in dev't of "North-South" ITC project
Georgia’s commercial banks increase net loans issuance
Kazakhstan cancels launch of methanol & olefin plant in Mangystau
AT&T profit beats estimates on strong streaming growth
Azerbaijan records decrease in loans issued for industry and manufacturing
India better placed to meet challenges: Ram Nath Kovind
Iranian president expresses openness to direct talks with US
Azerbaijan's MFA congratulates India on occasion of India's Republic Day
Azerbaijan's TABIB recommends booster COVID-19 vaccination to strengthen immunity
Azerbaijani defense minister continues official visit to Iran (PHOTO)
No one should doubt that new legislation on media in Azerbaijan will meet modern developments - Azerbaijani Media Dev't Agency
Azerbaijan's Rabitabank discloses net profit for 2021
SOCAR’s production union overfulfills production plan
Armenian PM Pashinyan tests positive for COVID-19
Iran reveals trade turnover with Caspian Sea countries
Hualing FIZ CEO talks new projects launched in 2021 (Exclusive)
SOCAR Carbamide’s revenues grow six-fold
STAR Refinery, Petkim see significant increase in recycling rate
Turkmenistan's Halkbank opens tender for audit
Russian companies submitted 14 applications for participation in restoration of Azerbaijan’s liberated territories - ambassador
SOCAR Turkey talks on prospects for new line of production at Petkim
Baku preparing to host FIG Trampoline Gymnastics World Cup
Uzbekistan notes overall increase in exports within 2021
Ambassador Bocharnikov talks increased number of Russia-Azerbaijan flights
Remains of Armenian soldier found in Azerbaijan’s liberated Jabrayil district
Moscow shares Azerbaijani President Ilham Aliyev's approach, vision on trilateral working group - ambassador
Kazakh project for copper-gold deposit dev't may receive nuclear-powered icebreaker
Ambassador talks expected visits of Russia's businessmen to Azerbaijan
Bank of Georgia allocates funds to local shoemaking company for exporting goods to US
Russian ambassador talks upcoming 20th anniversary meeting of Russia-Azerbaijan intergovernmental commission
Russian ambassador assesses work of LUKOIL in Azerbaijan
Turkmenistan's Turkmenhimiya to buy equipment via tender
Meetings of Azerbaijani, Armenian public figures to contribute to normalization of ties – Russian ambassador
Russian ambassador talks trade-economic cooperation between '3+3' countries (PHOTO)
Turkmenbashi oil refineries extends tender for hydrogen production unit construction
Russian ambassador comments on possibility of Azerbaijan joining EAEU
India Emerges as a Global Actor during the Pandemic Crisis
Russia highly appreciates Azerbaijan's position on normalization of regional situation - ambassador
Uzbek Commodity Exchange announces weekly quotes of commodities for export
Georgia’s Hualing FIZ to sign agreement on area expansion (Exclusive)
S.Korea's daily COVID-19 cases surge as new testing scheme begins
Uzbekistan proposes initiative to ensure free trade
Volume of Russian investments in Azerbaijan unveiled - ambassador
Blast in Greek capital damages buildings, one injured
JV in Kazakhstan to engage electric engine repair services via tender
All news