LAST MINUTE | Statement on inflation by Minister Nabati! Given date – The right address for financial news

Latest news: Treasury and Finance Minister Nureddin Nebati made statements regarding the economy. Minister Nabati said they expect inflation to peak in January and Turkey will enter the 2023 elections with single-digit inflation. In addition, Minister Nabati announced the latest figures on the currency protected deposit application. Here are the details of the news…

According to BloomberHT news, Treasury and Finance Minister Nureddin Nebati in his interview said that the new economic model, the point reached in the enforcement of currency protected deposits; He answered questions on a range of topics, from planned new steps to his expectations in the economy.

“IT IS AN ADVANTAGE OF STABLE THE CURRENCY”

Explaining that he expected annual inflation to peak in January due to factors such as exchange rate appreciation, wage increases and increase in revaluation rate, Nebati said stabilization of the rate of change at this point was a plus.

Nebati said, “We are currently wearing the December bump. We are entering a period where the effects of both lower food prices and global inflation are fading in the summer. The decrease in our energy needs and the normalization of food prices will be the most important months that will show that we have entered a new path. mentioned.

While supporting the Central Bank’s decision to monitor the effect of the easing in the first quarter, Minister Nebati said, “I don’t know how the Central Bank will make a decision. In my opinion, we should see the months of January, February and March. made his assessment.

“EVEN IF YOU LEAVE TURKEY, IT’S A 5 PERCENT GROWTH”

Asked about growth expectations for 2022, Nebati said, “I say something positive; As for growth, I see the appetite of the market”. Saying he predicts a single-digit number for growth over the same period, Nebati said, “It will be single-digit anyway, I expect. Even if you leave the Turkey alone, 5 will grow. he added.

REQUEST FOR A PROTECTED CURRENCY DEPOSIT

Explaining that around 300,000 people benefited from the currency-protected deposit app till Wednesday night, Nebati said, “The amount we received from here exceeded 126 billion lira last night (Wednesday). It shows: an average of 10 billion TL per day is included in the system. About 15% of this comes from DTHs. There are those who will switch from TL to foreign currency more, there are those who come here from foreign currency, it is very important and good money. mentioned.

Explaining that similar new instruments will come into use over time, Nebati said, “After they are assimilated, we also need to develop different channels there. There can be indecision when you make a statement on the second instrument without finishing it completely. he said.

“WE WILL FINISH THIS MONTH”

Nebati said that a series of measures will be taken to ensure that money entering the system does not turn back into foreign currency or is not spent unnecessarily, adding, “We will provide support focused on production and projects. Now we bring KGF, for example. We are working, he does not have much time. We will finish this month.” mentioned.

During the interview, Minister Nebati was also asked about issues that have been discussed in public for some time, such as super bonds, VAT regulations and raising the capital of public banks. “There are no super bonds. There is no such thing. We don’t find such a thing fair,” Nebati said, “What we will only do is take action in the areas we have explained in the package of measures.” he added. Minister Nabati announced that the work to increase the capital of public banks will be concluded before the end of this month.

“I SEE THAT A BALANCED PERIOD HAS ENTERED”

Nebati also made assessments on the trajectory of market interest rates and the disconnection of the financial transmission mechanism, and said that the mismatch initially stemmed from the rhetoric “The Central Bank will not be able to resist it, it will increase the interest rate”, but this gap has started to close with the “confidence that has been formed”. Nebati said, “When you look now, deposit interest rates have started to converge towards the Central Bank. Therefore, I see that we have entered a period of balance with each other.

“WE WILL SOLVE INFLATION”

Nureddin Nebati pointed out that Turkey’s new focus in the economy is to fight inflation after the exchange rate rise was prevented, and went on to say:

“Now we will solve inflation. After that, the year 2022 will be a year of full recovery, stability and business. If we have this conversation next year, you will ask me how all the positive changes in interest rates, inflation and exchange rates have been achieved. Because so called inflation is not a three day job interest rates go down and up fast but can that be as dangerous as ignoring the effect of currency attacks in Turkey , to ignore the rapid impact of monetary attacks?

“TURKEY CAN’T STAND WITH THE PUBLIC AGAINST NEGATIVE DEVELOPMENTS”

Among the questions posed to Nebati was the allegation that state banks made sales when the dollar rate was close to 14. While Nabati was content to say “We are watching right now”, he repeated his words that Turkey will not remain an audience in the face of negative developments.

Nebati said: “You will see if the government sits in London, what do they think of doing in Washington, Berlin and Moscow? “Don’t make anything look.” Eh ? Let them beat you any way they want, let them play you any way they want, I’m the free market… Nothing like it. Just as the Republic of Turkey takes measures when necessary in the military field, its economy has the right and the power to use all kinds of instruments in the measures to be taken against it. used the sentences.

The Minister of Treasury and Finance said that as a ministry they had now removed concepts such as “current account deficit” and “current account surplus” from the literature, and attributed the reason to the size of the Turkish economy.

Nebati said, “You gave a $5 billion surplus in such a big economy, you gave a $3 billion deficit, there is no return for that. That’s why I tell my friends, let’s use the term running balance.” mentioned.

“I AM VERY EXCITED ABOUT VAT”

The last item on the agenda of the meeting with Nebati was the ongoing work in the ministry regarding VAT rates. “I’m really excited about VAT,” Nebati said, noting that the simplification will not only cover ratios, but also different ratios within the sector. Nebati said, “Citizens will know what they are paying because there are different rates such as 1, 8, 18%. More importantly, makers, makers, vendors have a problem with this, and we’re going to fix it. Third, we have problems with VAT refunds, it takes 1 with 8; He buys at 18 and sells at 8. Here too, we will make a simplification. he said.

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