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Turkish Ministry of Foreign Affairs points out the gold that is ‘under the mattress’ – Announces new measures

Turkish Finance Minister Nurettin Nebati will announce on Saturday measures to tackle price increases and bring gold “under the mattress” into the financial system, in a package that includes support from the Credit Guarantee Fund (KGF). according to Turkish media.

Anadolu news agency reported that top corporate executives, bank executives and business representatives were due to attend the event, which comes after Nebati presented Turkey’s orthodox investor policy in London this week.

At these meetings, the minister pledged to keep the pound stable, reduce inflation to single digits and halt dollarization.

The pound has remained stable this year after falling 44% in 2021, when the Central Bank of Turkey (TCMB) cut its policy rate in line with an unorthodox policy led by, of course, led by Turkish President Tayyip Erdogan’s mass dismissal of economists. the spike in inflation.

In London, Nebati said Ankara was to unveil a new plan to make households convert gold reserves into Turkish lira, which he estimates is valued at $ 250-350 billion.

Anadolu said the package would include incentives for exports and production, with a selective KGF financing package designed to stimulate the economy by securing loans to small and medium-sized enterprises.

Petros Kranias

Source: Capital

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