Inflation message from Minister Nabati

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The traditional Ankara Iftar Program of the Independent Industrialists’ and Businessmen’s Association (MUSIAD), which brings together the representatives of the business world, politics, civil society and bureaucracy, with the participation of Vice President Fuat Oktay, Minister of Industry and Technology Mustafa Varank and Minister of Treasury and Finance Nureddin Nebati. , under g was held at the Palace of Culture.

Speaking here, Nebati said that within the framework of the Investment Year and Anatolian Production and Investment Movement announced by MUSIAD, he aimed to create 25 billion liras of investment in 40 different locations in more than 20 provinces and in return to create 25 thousand additional employment.

Stating that the economy grew by 1.8 percent in 2020 and 11 percent in 2021, thanks to the devoted efforts of business people and industrialists and the support of the government, Nebati underlined that they reached pre-epidemic employment levels.

Nebati reminded that despite the negative global demand conditions, exports reached a record level by exceeding 225 billion dollars last year with the vision and efforts of the exporter.

Emphasizing that they maintained the momentum in exports this year and reached the highest March figure of all time with an export of 22.7 billion dollars last month, Nebati said, “In addition to the proactive decisions we have taken, our exporters, especially the valuable members of MUSIAD, took an opportunity out of the crisis, “It has achieved the highest success of all time in exports by mobilizing exports to the world, especially to our nearby geography. Leading indicators such as capacity utilization rates indicate that the vigorous course of economic activities continues this year and that a good growth will take place in the first quarter.” he said.

“Exit the Currency-interest spiral”

Nabati announced that innovative instruments such as Currency Protected Deposit and Participation Account (KKM) were put into use on 20 December 2021, thus ensuring that business and He explained that they increased the predictability in the investment environment, made the banking system stronger and extended the maturity of Turkish Lira deposits from 24 days to 49 days.

Stating that stability was ensured in exchange rates within free market conditions, Nabati said that they got out of the exchange rate-interest spiral.

Pointing out that the whole world is faced with the inflation problem due to currency attacks, the effects of the epidemic in the last year and the rise in commodity prices caused by the Russia-Ukraine War, Nebati said that the measures that they will put forward as public finances for this problem will be implemented quickly. He noted that it will be resolved with the support of all stakeholders.

“We are determined to continue the inspections quickly”

Drawing attention to the VAT reduction steps they have taken against the cost of living, Nebati said that the Anti-Inflation Teams check whether these discounts are reflected on the labels. transferred.

Nabati stated that as the Ministry of Treasury and Finance, more than 40 thousand enterprises and the Ministry of Commerce 20 thousand enterprises were also under supervision, and that they were determined to continue these inspections quickly.

Reminding that they have imposed export restrictions on some legumes, feed products, carcass meat and fatty plants and that they have zeroed the customs duty on vegetable oils until 30 June, Nebati said, “Supporting investments that will encourage production and employment and increase exports without creating inflationary pressure. We prioritize loan disbursement.” made its assessment.

Stating that they are working on the Early Warning System for agricultural products and reducing input costs in agricultural products, Nebati noted that the Price Stability Committee meets regularly every month during this process.

“We will overcome the difficulties together”

Minister Nebati continued as follows:

“If the exchange rate is stable, if the interest rate is out of the agenda, inflation will soon follow. or later we will take it down together. Despite these steps we have taken, we will break the inflation inertia caused by the deterioration in expectations by developing instruments such as alternative investment instruments. At the end of the year, we will see that inflation has decreased to a reasonable level and this decline continues. We will continue to increase agricultural production such as investments in SPP and irrigation channels. We will continue to contribute to the country’s economy with the steps we will take, while ensuring that agricultural products are offered to the market at more affordable prices with the steps we will take. you are a community.This community is also The voice of the great silent majority in Turkey. We will overcome the difficulties of these things together.”

MUSIAD 600 houses in Idlib Village will be delivered to their owners

MUSIAD Chairman Mahmut Asmalı also mentioned the importance of Ramadan and said that

Purchasing Managers Index, which was prepared by the economic research unit of MUSIAD and aims to reach macroeconomic data for the country’s economy Noting that SAMEKS increased by 0.8 points to 54.3 in March 2022 compared to the previous month, Asmalı said, “It has reached the highest level in the last 5 months. This indicates that economic activity continues to be buoyant. It is observed that the positive outlook of input purchases, business volume and new orders continues in both the industrial sector and service sector indices.”

MUSIAD Ankara Branch President Hasan Fehmi Yılmaz stated that they will become even stronger as long as there is unity and solidarity. He stated that they will continue to work to increase production and employment in line with President Recep Tayyip Erdoğan’s “domestic and national production” target.

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