Economy program strengthens macro-financial stability: Board

GİRESUN

The economy program has strengthened macro-financial stability, ensured balance in the economy and significantly reduced the current account deficit, according to a statement released by the Economy Coordination Board.

Vice President Cevdet Yılmaz chaired the board meeting, attended by several top government officials, including Finance Minister Mehmet Şimşek, Trade Minister Ömer Bolat, Energy Minister Alparslan Bayraktar and Central Bank Governor Fatih Karahan.

"We are taking all necessary steps in strong coordination to ensure that the recent developments in domestic and global markets have only a short-term and limited impact on our economy,” the statement added.

The board meeting was held in the province of Giresun, a day after the Central Bank, in a surprise move, hiked its key interest rate by 350 basis points from 42.5 percent to 46 percent, pausing the easing cycle that started in December last year.

At the board meeting, the potential risks and opportunities that the recent rise in protectionist tendencies in international trade may pose for Türkiye were also assessed, said the statement.

“While we continue our fight against inflation with our resolutely implemented economic program, we will meticulously maintain fiscal discipline,” it added.

The statement noted that the recent frost event has affected certain fruit varieties to varying degrees.

“However, there is no risk to domestic food supply for strategically important agricultural products, including cereals, legumes and oilseeds,” it added.