Turkey aims for permanent economic stability focusing on investment, employment, production, exports, and growth, according to Vice President Fuat Oktay. “Imbalanced price hikes and foreign exchange (FX) rate fluctuations can’t and won’t be Turkey’s faith,” Oktay said at the Parliament when he submitted the 2022 budgets of the Presidency and affiliated institutions. They will implement steps to decrease FX need in the fields such as energy and intermediate goods while they develop industrial capacity, he added.
USD/TRY, which fell to around 13.80 after the Central Bank’ intervention in the FX market for the fourth time, exceeded again 14.00 yesterday. USD/TRY is traded at 14.59 this morning.
The opposition continues to criticize rising FX rates and the Central Bank. Speaking in a televised interview with Haber Global, the Republican People’s Party (CHP) leader Kemal Kilicdaroglu said the Central Bank has digressed from its duties, has been intervened, and ‘fallen from grace’, and its governors have frequently been changed. “84 million people work for a handful of people for the first time,” Kilicdaroglu noted.
The number of paid employees including manufacturing, construction, trade and services sectors rose by 8.6% from 12.7 million to 13.8 million in October, compared to the same month of the previous year, according to the Turkish Statistical Institute (TurkStat).
The Ministry of Treasury and Finance will announce the central government’s budget balance figures for November. The central government’s budget balance posted TRY 17.4bn deficit in October.
President Recep Tayyip Erdogan will receive Deputy Head of the Libyan House of Representatives Fevzi El-Nuveyri (4.30 pm).
The Parliament will continue to discuss the items of the legislative proposal on the Central Government’s 2022 Budget.
Foreign Minister Mevlut Cavusoglu will convene with his UAE counterpart Abdullah bin Zayed bin Sultan Al Nahyan.
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News came out that President Recep Tayyip Erdogan exemplified China to AK Party officials at the party’s Central Executive Committee (MYK) meeting, telling them of China’s growth and Turkey’s comparative advantages because of its geographic proximity to the market. He used this to explain the economic roadmap for the new period. Our Tourism Columnist Fehmi Kofteoglu analyses the differences between Turkey and China in terms of tourism and tourism economics.