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Turkish economy more resistant to fluctuations – economy minister

Turkey Materials 1 March 2007 16:28

( Cihan ) - State Minister for Economy Ali Babacan said that ups and down on the markets in the last two days should not be a cause for concerns since Turkish economy was much more resistant to fluctuations.

Prior to his departure for Brussels on Thursday, Babacan held a press briefing at the airport. In response to questions from reporters Babacan evaluated the recent drops in the worldwide stock exchanges.

Saying that Turkey had an extrovert economy and that an international effect was inevitable, Babacan opined that the fluctuations in the stock exchange, foreign currencies and interest rates were affected by the developments on international markets.

"Floating exchange rate is an assurance against such fluctuations, said Babacan, adding that the decrease in public borrowing stock and the improvements in banking sector reduced the risk. "Therefore, there is no need to worry. We will proceed with our work robustly as long as we stick to the program," noted Babacan.

Babacan also stressed that the government was determined on the implementation of the IMF-backed program without giving any concessions.

Then, Babacan, who is also Turkey's Chief EU Negotiator, departed for Brussels to have a series of meetings with EU officials including the EU Commissioner for Enlargement Olli Rehn. He also move on to London for another round of meetings.

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