The stability of the exchange rate and the beginning of economic growth… Rapid transformations in Turkey

The stability of the exchange rate and the beginning of economic growth… Rapid transformations in Turkey
The stability of the exchange rate and the beginning of economic growth… Rapid transformations in Turkey
The exchange rate of the Turkish lira witnessed a slight change, while the Central Bank modified the rules for reserve requirements to enhance savings in lira, at a time when the Turkish economy achieved a growth of 7.6% during the second quarter of this year 2022.

The lira was trading steadily at 18.1927 per dollar at 11:45 this morning Istanbul time, according to “Bloomberg” agency today, Wednesday.

Commercial banks will be required to maintain a certain transfer rate from foreign currency accounts to lira accounts, according to the new rule published in the Official Gazette on Wednesday.

Lenders who do not maintain a 10% conversion rate for both individual and corporate accounts will have to leave an additional 5 percentage points of foreign currency at the central bank.

The rise of the lira comes at a time when the Turkish economy achieved a growth of 7.6% during the second quarter of this year compared to the same period last year, according to data published by the Turkish Statistics Authority, today, Wednesday.

And economists who participated in a poll by Anadolu Agency had previously expected that the growth of the Turkish economy during the second quarter of this year would reach 7.3%.

Growth is expected to slow in the second half of the year due to the downward trend in domestic and external demand, on the back of an expected slowdown in Turkey’s largest trading partner.

Strong performance of the Turkish economy

In an official comment on these data, Turkish Treasury and Finance Minister Nureddin Nebti said that his country’s economy ranked second for the largest growth among the countries of the Organization for Economic Cooperation and Development and the Group of 20 during the second quarter of this year.

This came in a tweet on Twitter Wednesday, after the Turkish Statistics Authority announced the rate of economic growth during the second quarter of this year.

“Turkey became the second largest growing country among the countries of the Organization for Economic Cooperation and Development and the Group of 20 during the second quarter, according to the announced data,” Nebti said.

“Not only did we show strong growth performance in the second quarter, but we also maintained balanced growth for 5 consecutive quarters,” he continued.

He stated that the strong growth path was reflected in the labor market in the first half of the year, pointing to the employment of 900,000 people during that period and the drop in unemployment to 10.3%.

He stressed that the gains made by Turkey with the economic model that attaches importance to growth, employment, and support for production and exports will continue until the end of the year.

Last year, the Turkish economy rebounded strongly from the COVID-19 pandemic, growing at 11.4 percent, its highest rate in a decade.

President Recep Tayyip Erdogan’s economic plan prioritizes growth, employment, investment and exports, driven by a series of unconventional interest rate cuts that sparked a currency crisis and an inflationary spiral late last year. “The island”


The article is in Arabic

Tags: stability exchange rate beginning economic growth .. Rapid transformations Turkey

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