Turkish minister complains of valuable Lira over exports

Turkey's state minister for foreign trade said, that Turkish Lira's gaining value had a "negative effect" on the country's exports.

Turkish minister complains of valuable Lira over exports

Turkey's state minister for foreign trade said on Sunday that Turkish Lira's (TL) gaining value had a "negative effect" on the country's exports.

Commenting on valuable TL and Euro/USD parity in an interview with A.A, Turkish State Minister Zafer Caglayan said that TL's high value affected exports negatively and he would carry such issue to the agenda of the Economic Coordination Board in a couple of days.

"There are different opinions on such issue. Some say the floating exchange rate system should be reviewed, while some believe an insurance system and an exports fund should be formed in foreign exchange. All these opinions should be discussed," Caglayan said.

The minister said that solutions and measures should be discussed at the upcoming Economic Coordination Board meeting.

Caglayan also said, according to the relevant data he had collected so far, an increase might be expected in Turkey's foreign trade deficit.

Commenting on the actions that could be taken in connection with the situation in Euro/USD parity, Caglayan said several measures should be taken regarding TL's gaining value, more support should be provided to exports and new markets, moreover, sectoral problems should be determined.

Caglayan said the problems regarding valuable TL and Euro/USD parity might have the biggest impact in automotive, white goods, textile and ready-to-wear sectors.

Caglayan noted that the increase in USD and the decline in Euro had dragged down exports figures, adding the parity, which had been 1.49 in November 2009, decreased to 1.31 in May and 1.19 in June 2010.

"If Turkey had carried out its exports in June 2010 with January's parity, its exports would have amounted to 10 billion USD instead of 9.17 billion USD," Caglayan said.


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Güncelleme Tarihi: 04 Temmuz 2010, 15:56

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