The day of the days has finally arrived. The long-awaited Economic Reform Package will be announced by President Erdogan today. The details do the program have already been whistled around. The package is said to include goals, targets and actions just like its predecessor Human Rights Action Plan did. Critical steps towards price stabilization, increasing direct investments and improvement in current account deficit will be the main headlines of the package, on which the economy management has been working for a long time. The reform package also said to include a system that will enable the public sector to implement saving policies and an audit mechanism on expenditures.
There is also a plan to establish a Price Stability Committee to support price stabilization and fight against inflation, which are among fundamental goals of the package. Improving the investment climate will also be the priorities of the package. The package will also strengthen Technology Oriented Industry Initiative and Project-Based Incentive System to reduce current account deficit, which posted USD 1.8bn deficit in January.
Looking at other developments of the day, USD/TRY has started the last trading day of the week with an upward movement following 3% increase on Monday and decline for three consecutive days. USD/TRY which fell to 7.48 yesterday has reached 7.56. Having similar course, EUR/TRY is traded at 9.03.
Industrial production index rose by 11.4% in January, compared to the same month of the previous year, according to the Turkish Statistical Institute (TurkStat).
Total turnover index increased by 30.2% in January, compared to the same month of the previous year, Turk Stat released.
Retail sales volume increased by 2.0% in January compared to the same month of the previous year, announce TurkStat.
President Recep Tayyip Erdogan will announce the long-awaited Economic Reforms at Halic Congress Center (3.00 pm).
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