Turkey preparing new measures to cut imports: Minister

Turkey preparing new measures to cut imports: Minister

Turkey preparing new measures to cut imports: Minister

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Turkey is preparing to introduce new measures to curb imports by the end of the year, in the latest move to cure the chronic current account deficit problem, Economy Minister Nihat Zeybekci has announced.

“We performed a study on ‘the products that Turkey would not lose if it did not import them’ and we listed those products,” Zeybekci said, responding to questions at a news conference on Sept. 14.

“You will see that we will take the necessary measures regarding this issue very soon, before the end of this year,” he added.

The government has already introduced some measures to curb importing unnecessary products and animating domestic production and new measures will bolster efforts to that aim, Zeybekci said.

Last year, the country’s banking watchdog introduced limitations on monthly installment payments to curb consumers’ use of credit cards in the hope of stemming the flood of money spent on imported goods.

Reluctance to import food

Zeybekci also noted that the government had “distanced” itself from the Central Bank’s suggestion of importing food as a means of lowering food prices in Turkey.

“I am very far [from the idea] of importing food [in order] to reduce inflation,” he added.

The Central Bank had called on the government to introduce an active foreign policy regarding the food supply, as inflation in the country has been proceeding above forecasts due to a steep increases in food prices, which has been fueled by the drought that curbed supply in the market.