Independence of supervisory councils vital: Top Turkish business group

ISTANBUL

The Turkish Industry and Business Association (TÜSİAD) has said the rule of law and the independence of supervisory councils, especially the Central Bank, is of “vital importance” in the new presidential system of government.

“For a strong Turkish economy, the rule of law, the independence of supervisory councils, particularly the Central Bank, momentum in the process of adaptation to the European Union, a modern education system, and sustainable development policies that rely on technology are of vital importance,” said TÜSİAD in its statement on July 10.

“We wish the implementation of a comprehensive program involving structural, fiscal, and financial measures will strengthen macroeconomic balances,” it added, referring to the new cabinet appointed by President Recep Tayyip Erdoğan on July 9.

The Istanbul Chamber of Commerce (İTO) stated they have three main expectations from the new cabinet.

“As the business world, we have three critical expectations from the new cabinet and they are: To end the volatility of exchange rates, to lower interest rates to reasonable levels, and to have quality economic growth. We believe our three primary expectations will be accomplished successfully soon,” İTO chair Şekib Avdagiç said in a written statement on July 10.

Avdagiç praised the business-friendly names in the cabinet.