‘Lira zone’ not on government agenda: Şimşek

İZMİR - Doğan News Agency

The Turkish Lira becoming a reserve currency is long-term possibility but the issue is not on the government’s current agenda, the finance minister has said regarding a recent suggestion by Prime Minister Recep Tayyip Erdoğan.

“For now we are focused on increasing the welfare of our country, developing its economy and improving democratic standards. This is our current agenda,” Finance Minister Mehmet Şimşek said Nov. 1 ahead of the International Economy Conference to be held in the western province of İzmir.

Some suggest Turkey stay out of the eurozone and establish a “Turkish-Lira zone,” Erdoğan said during his recent visit to Germany. “I said I think the same way, too. The European Union should check up on itself regarding the [monetary system].”

Monetary unions do not work if there are economic differences between the member countries, economist and Nobel Laureate Dr. Joseph Stiglitz, who is in İzmir to attend the event as well, said about the idea of a Turkish-Lira zone.