Turkiye to announce scheme to covert household gold holdings into lira
11 Feb 22 2 min read
In a series of meetings with investors and bankers on his first trip abroad, Nebati met nearly 100 high-level executives and pitched his country’s new economic model based on low-interest rates.
President Recep Tayyip Erdogan has been endorsing a model based on lower borrowing costs, which he says will boost production, employment and exports, and also eventually help Turkey solve its chronic current account deficit problem and contribute to stabilising the lira.
At the meetings, he highlighted Turkey’s dynamic production capacity, strong growth performance, healthy public finance, firm banking sector and low debts, according to Turkish media reports.
- Turkiye introduces new measures to tackle inflation: Finance minister
- Germany's inflation rate steady at 2.2% in April 2024
- Eurozone labour productivity risks amid economic shocks: Fitch report
- Turkiye’s unemployed aged over 15 fall by 19,000 to 3.57 mn in March
- German manufacturing orders decline in March 2024
- US garment prices surge in March to highest in over a year: Cotton Inc
Emphasising that the inflation in his country is temporary, communication with bankers and investors will be regularly maintained, Nebati told a press conference at the Turkish Embassy in London.
Turkiye’s annual inflation soared to a 20-year high of 48.69 per cent in January, according to official data. The Turkish lira has been broadly stable since the start of the year following a 44 per cent decline in 2021. It had hit a record low of 18.4 against the United States dollar in December but rebounded after Erdogan’s announcement of a scheme to boost lira deposits by protecting them against depreciation.
Investors are also eyeing Ankara’s foreign borrowing plans.
Fibre2Fashion News Desk (DS)
Popular News
|
European fashion giants post diverse regional performance in Q1 FY24 |
|
Bangladesh business leaders meet to discuss RMG sector challenges |
|
China dominates as India's top yarn, fabric & home textiles supplier |
|
NCTO outlines steps for US to reverse fall in textile manufacturing |
|
US garment prices surge in March to highest in over a year: Cotton Inc |
|
UK invites new options for transporting carbon dioxide sans pipelines |