{"id":1205,"date":"2018-07-15T18:20:04","date_gmt":"2018-07-15T18:20:04","guid":{"rendered":"http:\/\/euromenaenergy.com\/?p=1205"},"modified":"2018-07-15T18:20:04","modified_gmt":"2018-07-15T18:20:04","slug":"turk-economy-czar-sees-curbing-infation-top-priority","status":"publish","type":"post","link":"https:\/\/emimer.com\/?p=1205","title":{"rendered":"Turk Economy Czar Sees Curbing Infation Top Priority"},"content":{"rendered":"<ul class=\"abstract-v2\">\n<li class=\"abstract-v2__item\">\n<div class=\"abstract-v2__item-text\">Berat Albayrak uses first interview to highlight policy goals<\/div>\n<\/li>\n<li class=\"abstract-v2__item\">\u00a0Erdogan\u2019s son-in-law says Turkish central bank is independent<\/li>\n<\/ul>\n<p>Treasury and Finance Minister Berat Albayrak pledged to rein in inflation and highlighted central bank independence in his first interview since his appointment, suggesting his policies will focus on Turkey\u2019s key vulnerabilities.<\/p>\n<p>Turkey\u2019s independent central bank will do what economic realities and financial market conditions dictate, state-run Anadolu news agency cited Albayrak as saying on Thursday. The appointment of Albayrak, President Recep Tayyip Erdogan\u2019s son-in-law, on Monday sparked concerns that his policies would mirror the Turkish leader\u2019s growth-at-all-costs approach.<\/p>\n<p>\u201cOur policies will take shape based on the framework of stable and sustainable growth, with priority given to budget discipline, single-digit inflation and structural reforms,\u201d Albayrak was quoted as saying. The fact that the bank\u2019s independence is subject to speculation is \u201cunacceptable,\u201d he added. The lira gained.<\/p>\n<p>Read more on Albayrak: Running Turkey\u2019s Economy Is Now a Family Business for Erdogan<\/p>\n<p>Albayrak\u2019s comments were intended to signal what his policy priorities will be. The lira weakened nearly 7 percent following the announcement of Turkey\u2019s new government on Monday, with investors worried about what the new economic administration would bode for the central bank\u2019s autonomy.<\/p>\n<p>Albayrak said the central bank will be more \u201cactive\u201d than ever, and the government will assist it by coordinating fiscal and monetary policies. He vowed to eventually bring inflation to the official 5 percent target.<\/p>\n<p>The lira, which had weakened to a record low of 4.9743 per dollar during Asia trading hours, strengthened after the remarks and was trading 1.3 percent higher at 4.8137 per dollar at 2:18 p.m. in Istanbul.<\/p>\n<p>The minister needs to deliver on his words in order to dispel concerns over the future of monetary-policy making, said BlueBay Asset Management strategist Timothy Ash.<\/p>\n<p>\u201cFinally he speaks, talking the talk,\u201d Ash said by email. But Albayrak \u201cneeds to walk the walk by tightening policy in a convincing way.\u201d<\/p>\n<p>Rabobank emerging-market currency strategist Piotr Matys described the remarks as \u201crelatively reassuring.\u201d The bank was maintaining for now its \u201cvery cautiously optimistic view\u201d that the new administration may \u201crebalance the overheated economy and focus on implementing structural reforms over the next two years,\u201d he said in an emailed note.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Berat Albayrak uses first interview to highlight policy goals \u00a0Erdogan\u2019s son-in-law says Turkish central bank is independent Treasury and Finance Minister Berat Albayrak pledged to rein in inflation and highlighted central bank&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1206,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[46,57,90,96,107,137,139,174,201,202,209,232,233,244,246,249,256,277,279,288],"class_list":["post-1205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-aramco","tag-baroudi","tag-democracy","tag-doha","tag-embargo","tag-gas","tag-gazprom","tag-lebanon","tag-offshore","tag-oil","tag-opec","tag-putin","tag-qatar","tag-rosneft","tag-roudi","tag-russia","tag-saudi","tag-total","tag-trump","tag-usa"],"_links":{"self":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/1205","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1205"}],"version-history":[{"count":0,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/1205\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/media\/1206"}],"wp:attachment":[{"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}