Turkish Treasury to offer bonds to individual investors: Albayrak

Turkish Treasury to offer bonds to individual investors: Albayrak

ISTANBUL - Anadolu Agency
Turkish Treasury to offer bonds to individual investors: Albayrak

The Turkish Treasury will start issuing dollar- and euro-denominated bonds to individual investors on Dec. 17, Treasury and Finance Minister Berat Albayrak announced Dec. 12.

He did not provide other details on the planned bond issue.

“People have turned toward deposits. So we need to familiarize capital markets with investments,” Albayrak told an investor relations summit in Istanbul.

Albayrak also said the Treasury will again issue gold bonds, as it did in September.

“We need to activate balance sheets,” he added.

‘Realistic targets’

The minister reiterated that the inflation and overall economy outlook will continue to improve in the period head.

Tight monetary and fiscal stance and discipline will be maintained and the budget performance will be strong in 2019 despite the local elections scheduled for 2019, according to Albayrak.

“As cost pressures recede we will see improvements in consumer price inflation and producer prices in the period ahead. Consumer price inflation will decline to 15.9 percent in 2019 and further ease to 6 percent in 2021 as predicted in the New Economic Program due to tight monetary policies coupled with structural reforms to be implemented. We still believe these are the realistic targets,” he said.

He also noted that the fact that the Turkish economy is still posting positive growth rates despite a number of unfavorable domestic and international developments testify that the confidence-building measures that were taken in a timely manner are effective and the economy is resilient.

According to Albayrak, strong improvements both in the foreign trade and current account balance since June reflect this “rebalancing.”

Turkey’s current account balance posted a surplus in October for the third month in a row, the country’s Central Bank announced on Dec. 10.

In October, the country’s current account surplus amounted to $2.77 billion, improving from a deficit of $3.83 billion in the same month last year.

The Turkish economy grew by 1.6 percent year-on-year in the third quarter, data from the Turkish Statistical Institute (TÜİK) showed on Dec. 10.

Berat Albayrak, Turkish economy, Treasury and Finance Ministry, bonds