ECONOMY

New Turkish finance minister promises fiscal discipline

new-turkish-finance-minister-promises-fiscal-discipline

Turkey’s new finance and treasury minister said Thursday the budget deficit would come in at under 3.5% of GDP this year and would be managed with fiscal discipline, after he was appointed last week in the latest upper leadership shake-up. 

Nureddin Nebati, who replaced predecessor Lutfi Elvan, told Parliament fiscal policy under his watch would be transparent. 

He also repeated that the government would focus on improving the current account balance. 

Turkey’s economy is reeling after a series of aggressive interest rate cuts, sought by President Recep Tayyip Erdogan, sent the lira down some 30% last month to record lows and helped raise inflation above 21%. [Reuters]