President Erdoğan rules out cabinet reshuffle, vows new era for economy

ANKARA

President Recep Tayyip Erdoğan has ruled out a cabinet reshuffle after the appointment of a new treasury and finance minister and a Central Bank governor, vowing a new era in the economy through price, financial and macroeconomic stability.

“News reports on a cabinet reshuffle or changing the structures of some ministries are pure speculations,” Erdoğan told his Justice and Development Party (AKP) parliamentary group on Nov. 11.

Recalling that former Treasury and Finance Minister Berat Albayrak offered his resignation over health issues and he accepted the appeal, Erdoğan said, “I want to thank Mr. Berat Albayrak for myself and on behalf of my people.”

Erdoğan has appointed a former minister responsible for economy, Lütfi Elvan, as the new treasury and finance minister a few days after Naci Ağbal was appointed the new Central Bank governor. He cited that a new era in the Turkish economy through the formation of a new economy management through new steps to improve the investment climate and make the country’s economic policies more effective.

“We will achieve our goals by building economic policies on three pillars: Price stability, financial stability, and macroeconomic stability. For this, we are preparing a favorable environment for long-term savings and investments,” he said.

Erdoğan went on to say that Turkey will focus more on gaining confidence and credibility in economic policies and reduce the country’s risk premium.

“We are building a growth structure which creates qualified employment, does not cause inflation and current account deficit, and is financed mainly by domestic savings and direct international investments,” he noted.

Turkey to meet international investors

Turkey will hold a series of meetings with international investors to talk about opportunities, potential, and support the country will provide for them, the president said.

“We are also in the preparations for structural reforms in areas such as improving the investment environment, increasing the depth of financial markets, increasing the quality of public revenues and expenditures, preventing informality and good governance,” he added.

The country will also take new steps in strengthening the rule of law, predictability, easy accessibility, as well as fast and efficient judicial system in the coming months, the president noted.

Harmony between economy teams

“We will strengthen macroeconomic stability by increasing the harmony between monetary and fiscal policies and financial policies, thanks to effective decision-making mechanisms,” he stressed.

He added that everyone will see that Turkey will lead countries in providing the highest and most secure earnings for investments.

“The Treasury and Finance Ministry and the Central Bank in the finance side, the Trade Ministry and Industry and Technology Ministry in the real sector side, along with other ministries and business people, we all are working together to make a new economic leap in Turkey,” he highlighted.