New Turkish economy minister’s attitude under fire

ISTANBUL -Hürriyet

In a meeting to announce Turkey’s 2013 export performance, Zeybekçi said, “the currency should be left to its competency and these issues should be loosened a little bit.” AA Photo

The new Economy Minister Nihat Zeybekçi’s remarks regarding inflation and Central Bank policies have been criticized by economy analysts who found the minister’s light-hearted words as “non-economic.”

Zeybekçi, who recently replaced Zafer Çağlayan as country’s economy minister after he resigned after being accused of being involved in massive corruption, has begun his duty by signaling that he will opt for a different path than his predecessor.

Çağlayan was a vocal supporter of raising the country’s export regardless of whatever the consequences would be, so he was a explicitly criticizing the Central Bank’s policies for being cautious with its policies.

In a meeting to announce Turkey’s 2013 export performance, Zeybekçi said, “the currency should be left to its competency and these issues should be loosened a little bit.”

“The measures taken by the Central Bank are totally technical,” he said on Jan. 2.

He also claimed the recent special consumption tax introduced by the government would not raise inflation.

Hürriyet columnist Erdal Sağlam said the markets are puzzled after minister’s remarks.

“The words and mentality used do not seem like economics,” he said, adding Zeybekçi’s stance would probably add to the responsibility of the Deputy Prime Minister in charge of the economy, Ali Babacan.

Economy analyst and Radikal columnist Uğur Gürses also said Zeybekçi’s inflation remarks “are far from reality.”