New economy model to target change: Turkish FinMin

Turkish Treasury and Finance Minister Berat Albayrak on Friday unveiled a new economic model for the short and long term.

“This approach will be based on a strategic mentality. Establishing trust and communication with all market actors will be one of the principles of the new economic approach.”

He stated that the new economic model will be decisive and target change in addition to the new approach being sustainable.

“Restoring the budget balance and improving its quality is a key principle of the new approach,” said Albayrak, adding that a tight monetary and fiscal policy also established the fundamentality of the model.

“The independence of our central bank is extremely critical for our economy.”

Stating that Turkey would prioritize structural reforms, “The first step of the new approach is economic balancing,” he said and emphasized stronger budget discipline.

The next steps will be lowering Turkey’s current account deficit and improving trust, Albayrak added.

"Turkey will establish a new finiancial regulation authority."

"Turkey will emerge stronger from this period," concluded Berat Albayrak.

As Albayrak was giving his speech, U.S. President Donald Trump announced on Twitter that he had doubled steel and aluminum tariffs on Turkish imports.

"I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!" he wrote.