Minister of Treasury and Finance Nureddin Nebati announced the details of the new economic model. Speaking in a televised interview with the national public broadcaster TRT, Nebati said the model is based on high growth and low current account deficit. The government will promote exports by encouraging high value-added products and macroeconomic stability. “We’ll overcome the middle-income trap,” Nebati noted. The Ministry of Treasury and Finance and the Central Bank studied alternative scenarios in this respect. “People make a profit even in the worst-case scenario,” he added. Turkey heads towards a point, where bubbles in FX rates disappear and real pricing forms, according to the Treasury and Finance Minister. Touching on the inflation, Nebati said: “We will overcome the inflation. Turkey has acquired immunity to it. We understand its psychology, and we know which measures and steps to be taken. Our people know about the problems of inflation, and they will help us.”
Despite the sharp decline in FX rates, Borsa Istanbul’s benchmark stock index closed at 1,892.02 points yesterday, ending with losses for the third consecutive trading day. Starting the day at 2,103.56 points, Borsa Istanbul’s BIST 100 index dropped by 164.34 points, or 7.99%, from Monday’s closing of 2,056.36 points.
DAILY AGENDA
The number of road motor vehicle registrations increased by 3.6% to 88,743 in November, compared to the previous month, according to the Turkish Statistical Institute (TurkStat).
The Parliament will discuss the Income Tax Law and legislative proposal on amendment of some laws.
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>> The goal is nuclear-supported green development: Minister
Turkey will add a new carbon-neutral energy resource to its energy portfolio when the Akkuyu Nuclear Power Plant becomes operational in 2023. Minister of Energy and Natural Resources Fatih Donmez said their goal is nuclear-supported green development in this respect.
