Turkish economy management gave its first test in front of foreign investors. Turkish Treasury and Finance Minister Mehmet Simsek, who attended the investor meeting with JP Morgan, emphasized that the Maastricht Criteria in budget outturn will be approached in the new period.
US-based JP Morgan, one of the world’s largest investment banks, came to Istanbul on Saturday with nearly 50 investors for the Turkish Economic Forum meeting. Turkish Treasury and Finance Minister Mehmet Simsek, in his presentation at the meeting, emphasized that the Maastricht criteria will be approached in the new period.
At the meeting, which was very important, Minister Simsek and the Central Bank Governor Hafize Gaye Erkan held a series of critical meetings with investors for the opportunities in Türkiye. Details of the meeting, which was closed to the press, emerged.
ECONOMY MANAGEMENT MEETS FULL-STAFF INVESTORS
The UK-based news agency Reuters conveyed the details of what happened at the meeting. At the meeting, Central Bank Governor Hafize Gaye Erkan’s “Monetary policy and macroeconomic outlook”, Simsek’s “Fiscal policy outlook” presentations took place.
In addition to Vice President Cevdet Yilmaz and Ziraat Bank General Manager Alpaslan Cakar, the heads of the Türkiye Wealth Fund and the Presidency Investment Office also took part as speakers at the meeting.
GRADUAL TIGHTENING WILL CONTINUE
According to the information given by the source who spoke to Reuters, Simsek told the investors attending the meeting that his team has full political support and that they will continue to tighten gradually.
Emphasis on MAASTRICHT CRITERIA
Simsek also emphasized the front-loaded fiscal policy and stated that the Maastricht Criteria will be approached when the earthquake-related expenditures are excluded.
The Maastricht Treaty can be explained as the mandatory conditions foreseen for the participation of the member states in the Economic and Monetary Union, making legal changes to gradually make the Central Banks independent and compliance with the ‘Macroeconomic approach criteria’.
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