STORY: Türkiye to "gradually" return to rational economic policies: finance minister
DATELINE: June 28, 2023
LENGTH: 00:00:55
LOCATION: ISTANBUL, Türkiye
CATEGORY: ECONOMY

SHOTLIST:
1. various of Turkish Central Bank
2. various of Mehmet Simsek, Turkish Treasury and Finance Minister (file)
3. photo of Turkish Treasury and Finance Minister Mehmet Simsek's official Twitter account
4. various of Turkish Central Bank, Turkish lira

STORYLINE:

Turkish Treasury and Finance Minister Mehmet Simsek on Tuesday promised that the government would press ahead with rational economic policies, noting efforts to strengthen the country's reserves were at full speed.

"The return to rational policies will continue gradually," Simsek said on his official Twitter account.

Simsek was appointed by President Recep Tayyip Erdogan as finance minister after a tough election in May. Erdogan, who defends lower rates as a means to stimulate growth, has said he would accept the policies taken by his new economic team to get the country out of its troubles.

Simsek vowed to return to "rational ground" soon after taking office early this month. Last week, the central bank raised the interest rates from 8.5 percent to 15 percent, the first hike in more than two years that was welcomed by the market as a return to economic orthodox even though investors expected more.

"According to the CBRT (central bank) analytical balance sheet data, net international reserves recorded the largest weekly increase in history with 8.5 billion U.S. dollars last week," Simsek said.

The government was "accelerating its efforts to obtain additional foreign resources to the country in order to further strengthen the reserves," he added.

Xinhua News Agency correspondents reporting from Istanbul, Türkiye.
(XHTV)