{"id":1291,"date":"2018-07-23T19:16:34","date_gmt":"2018-07-23T19:16:34","guid":{"rendered":"http:\/\/euromenaenergy.com\/?p=1291"},"modified":"2018-07-23T19:16:34","modified_gmt":"2018-07-23T19:16:34","slug":"turkish-finance-minister-says-he-wont-fight-markets","status":"publish","type":"post","link":"https:\/\/emimer.com\/?p=1291","title":{"rendered":"Turkish finance minister says he won\u2019t fight markets"},"content":{"rendered":"<div class=\"subtitel col-lg-12\">\n<p>Reuters\/Ankara<\/p>\n<\/div>\n<p>Turkey will not fight with markets but instead pursue a win-win relationship with them while ensuring Turkey has an effective central bank, Finance Minister Berat Albayrak was quoted as saying yesterday.<br \/>\nConcerns about the central bank\u2019s independence had intensified when President Tayyip Erdogan appointed son-in-law Albayrak as treasury and finance minister, boosting expectations that the president \u2014 a self-described \u201cenemy of interest rates\u201d \u2014 would look to exercise greater influence over monetary policy.<br \/>\nThe Turkish lira has been hammered this year, losing a fifth of its value against the US dollar, on concerns about the central bank\u2019s ability to rein in double-digit inflation, while Erdogan has repeatedly called for lower interest rates.<br \/>\nAlbayrak, speaking to reporters on a flight to Argentina for a G20 summit, also said the government would not compromise budget discipline and that there would be a noticeable improvement in inflation, broadcaster NTV reported.<br \/>\n\u201cWe will not compromise budget discipline and a programme that is down to earth will be prepared,\u201d Albayrak was quoted as saying.<br \/>\n\u201cWe aim for an effective central bank. The central bank sees and builds the fiscal life in a correct way. Turkey will never again be this attractive for foreign investors.\u201d<br \/>\nThe government\u2019s medium-term programme (OVP) will also change into a \u201cstrong and solid\u201d five-year strategy, Albayrak said.<br \/>\nWith Erdogan having merged the Treasury and the Finance Ministry, Albayrak\u2019s appointment effectively saw him replace both Mehmet Simsek and Naci Agbal in a cabinet that now has no obvious investor-friendly ministers.<br \/>\nAlbayrak\u2019s comments, therefore, are closely watched by investors for clues on whether he will seek to calm financial markets by adopting a more orthodox approach to monetary policy or reiterate Erdogan\u2019s views that high interest rates stoke inflation.<br \/>\nFollowing his appointment, Albayrak had said the central bank is independent and will do whatever economic realities and market conditions necessitate.<br \/>\nEarlier yesterday, state media quoted Albayrak as saying that Turkey was continuing its strong economic growth trend and that the foundations of its economy were strong.<br \/>\nThe state-run Anadolu news agency quoted Albayrak as saying that the government aimed to maintain prudent fiscal policies and healthy credit growth, carrying out structural reforms and strengthening Turkey\u2019s monetary policy framework.<br \/>\n\u201cTurkey\u2019s economy continues its strong growth momentum.<br \/>\nOur economic foundations are going to be strong and our outlook is promising,\u201d Albayrak said.<br \/>\nThe central bank\u2019s monetary policy committee, which has raised rates by 500 basis points since April in an effort to put a floor under the currency, will meet on July 24.<br \/>\nOn the sidelines of the G20 summit in Buenos Aires, Albayrak said on Twitter that he had met with his US, Chinese, German, Brazilian, South Korean, French and Indonesian counterparts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reuters\/Ankara Turkey will not fight with markets but instead pursue a win-win relationship with them while ensuring Turkey has an effective central bank, Finance Minister Berat Albayrak was quoted as saying yesterday&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":1295,"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-1291","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\/1291","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=1291"}],"version-history":[{"count":0,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/1291\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/media\/1295"}],"wp:attachment":[{"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}