Turkish Deputy Minister meets executives of banks

Turkish State Minister & Deputy Prime Minister Ali Babacan met with executives of banks in Ankara.

Turkish Deputy Minister meets executives of banks

Turkish State Minister & Deputy Prime Minister Ali Babacan met with executives of banks in Ankara.

Babacan said at the meeting with executives from 49 banks, "we expect the current deficit to exceed 40 billion USD by the end of the year. But we do not have any problem about the finance."

"Inflow of capital will continue in the coming years as long as confidence and stability are ensured in Turkey. Our country has been drawing international direct investments and portfolio investments for the last eight years, and it has become a center of attraction in the world," he said.

"I think that we need to concentrate on ways to protect our institutions from negative impacts of short-term capital movements. Financial discipline is the center of our economic policy. We also attach great importance to monetary policy of the Central Bank. And structural reforms is one of our priorities," he said.

Babacan said that Turkey's medium-term program would gain more importance in the coming period adding, "the medium-term program will make a significant contribution to preserve macro stability.

"In 2009, global economy has recovered considerably from the global financial crisis. But there have still been some serious risks. We think that growth rate in the world economy in 2011 will be lower than the one in 2010. Recovery of Europe from impacts of the global financial crisis will take time. It seems that Europe is the region recovering more slowly than the others," he added.

"Our government will not hesitate to take any measures to ensure confidence and stability in the country. In our medium-term program, we aim at reaching a 5 percent growth rate and reducing inflation rate to 5 percent for the period of 2011 and 2013. Our target is to protect and further strengthen financial and macro economic stability. Turkey reached a growth rate of 8.9 percent in the first nine months of 2010. this is the highest growth rate both in Europe and in the Organization for the Economic Cooperation and Development (OECD) region," he said.


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Last Mod: 23 Aralık 2010, 11:27
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