The Turkish Industry and Business Association (TÜSİAD) has called on the government to strengthen institutionalization and to follow rules of economics.
“We should implement rule-based policies beneficial to our country’s economy to pave the way for more predictability, better investment environment and development,” it said in a statement on Dec. 18.
“Strentghening the inclusiveness and effectiveness of instutitons and boards is a must to create an environment of confidence,” it added. TÜSİAD also called on the government to return to policies based on “widely accepted rules of the science of economics.”
The Central Bank cut its key interest rate gradually from 19 percent in August to 14 percent this month.
On Dec. 17, the Central Bank intervened in foreign exchange markets for the fifth time in a month, citing “unhealthy price
Before the announcement, the Turkish Lira hovered around a record-low of 17 to the U.S. dollar. In the afternoon, the lira/dollar exchange rate receded to 16.80. The volume of previous interventions by the bank are estimated at about $4 billion.
Hurriyet Daily News