Economic model helps limit exchange rate volatility: Nebati

ANKARA

Türkiye’s economic model helps limit the effects of the volatility in exchange rate, Treasury and Finance Minister Nureddin Nebati has said.

The Türkiye Economic Model supports exports by adopting the value-added production approach, he added.

“With this mode, the impacts of exchange rate volatility, which is occasionally experienced, is limited,” Nebati wrote on Twitter.

The minister noted that Türkiye’s growth performance in the second quarter was stronger than other nations.

The Turkish economy is in a transition period, which is evolving into an economy that produces and exports more, according to Nebati.

All the sectors in the economy are experiencing this transformation and boosting their revenues, the minister said.

“We target to reach a current account balance by increasing export and tourism revenues. As we move forward on this path, our credibility will increase.”

Türkiye decouples from advanced economies which are struggling with economic stagnation and inflation and the economic outlook will improve further, he said.

Borsa Istanbul is a safe investment venue both for domestic and international investors, Nebati said in a separate statement, noting that the benchmark stock index closed at an all-time-high of 3,223 points on Sept. 2, up 2.55 percent.

Strong economic activity and profitability of companies make Borsa Istanbul attractive to investors, the minister stressed, noting that the number of investors in the stock exchange reached 2.5 million and the value of the shares traded on Borsa Istanbul stood at more than 3 trillion Turkish Liras.

“Our stock exchange decoupled positively from other developing countries’ stock exchanges. We expect this strong performance to continue in the period ahead,” Nebati said.