New economic model, new minister: A year with Nureddin Nebati…

Nureddin Nebati, who was appointed Minister of Finance on December 2, 2021, has made a name for himself with his ‘performance’ in the past year. Nabati’s remarks on many topics, from interest rate decisions to stock market crashes, from small investors buying currencies and losing money, to foreigners leaking inside information and making big profits, were hotly debated. The highlights of Nureddin Nebati’s one-year performance are as follows:

THE DECISION OF INTEREST HAS BEEN ANNOUNCED BEFORE

The Central Bank is independent by nature and the Monetary Policy Committee makes interest rate decisions. However, Nureddin Nebati gave remarkable messages in his first statement to the press before the interest rate decision. Speaking with Habertürk’s Sevilay Yılman, Nebati said: “The economy will recover very quickly. As long as you trust us. We will not raise interest rates. They will see that we can do this without raising interest rates,” he said.

‘WHAT CAN YOU LOSE MORE, YOUR SALARY’

Nebati told Sevilay Yılman about the economy: “If we finish, we will finish together. If we win, all together. Some paint a pessimistic picture. Those who don’t believe us at all. I tell them; “You get paid. What do you lose the most? You will be crushed by inflation. But I will lose my entire existence if this doesn’t work. We have 1000 employees. I would lose all my possessions along with 1000 people. I am a fatherly person. I will lose what that my father left me.” he said.

HE SAID ‘THEY HAVE INSIDE INFORMATION’

Nureddin Nebati, the Minister of Finance, who participated in the TRT broadcast on December 21, 2021, reminded the server of the sharp falls in the stock market: “Christmas is coming, there are international departures. Two days later they receive their money. We held meetings about the decisions made, I guess they got their news. Maybe something will happen tomorrow, no problem after that. Foreign interest will increase,” he said. These statements by Nabati were met with surprise by market players.

IMMEDIATE EXCHANGE WILL FALL

Nabati admitted that information was leaked from meetings held before the decisions that allowed the Turkish lira to appreciate 30 percent overnight, and that someone profited from it. Insider trading or misuse of information, also known as ‘insider trading’, is an illegal practice and penalty.
The Minister also hinted on the television screens that Borsa Istanbul would fall the next day.

CAN YOU LOOK AT MY EYES?

Treasury and Finance Minister Nureddin Nebati was the guest of TRT Haber on December 21, 2021. Nureddin Nebati was asked how much the demands reached. Say you can’t give numbers, Nebati said, “The numbers are very, very good, Ms. Gülçin. Will you look me in the eye? Do you see? What do you see in my eyes?” he said. Gülçin Can said: “I see that joy there, but I would like to hear the numbers, now it is the business of the economy, the business of numbers.” Finance Minister Nabati responded with the following words:
“The economy is the job number, the economy is the desired job, the economy is the job of confidence, the economy is the job of stability, the economy is the job of expectation, the economy is the twinkle in the eye. My friends see the sparkle in my eyes.” These Nabati statements were disputed for a long time.

IF I WAKE UP AFTER 6 MONTHS

Shortly after Nureddin Nebati took office, “You know when you imagine ‘If I go to bed once and wake up in six months’… I take a nap and wake up in six months in Turkey… We will be in very different places “. he said. With the new economic model the opposite of what was promised has emerged. The dollar, inflation, loan rates and the current account deficit increased rapidly.

THE TURKISH LIRA IS IN THE LOWEST SITUATION

When the dollar was at 14.84 in March 2022, Treasury and Finance Minister Nureddin Nebati said: “The Turkish lira is at its lowest level, there is still no place to go down, citizens should be calm”. .. While the dollar exceeded 18.60 today, Nebati’s predictions about the stock market did not come true. While Nebati said that “the stock market gets more attractive every day” in September, the BIST 100 index lost 4 percent and the bank index lost more than 18 percent. It turned out that the stock market, which was said to have become attractive, went up with the manipulation, and those who made this transaction were arrested.

SAVE THE TURKISH ECONOMY

In his March 19, 2022 assessment, Nabati said: “Please trust our national currency. It’s over… Please remember that we are in a Turkey that looks to the future with confidence, where the risks are eliminated from now on with the Turkish economic model, the risks that were experienced at the beginning are now improved. Alhamdulillah, we saved the Turkish economy, which was stuck in a shallow area in the focus of interest and exchange rates.” she said she.

LET’S TAKE THE BUREAUCRACY TOGETHER

In March 2022, the Minister of Finance Nureddin Nebati asked foreign investors: “Did you have any problems? Be comfortable. You can contact us immediately. We will overthrow the bureaucracy, we have our President behind us, relax. His statement, “We will also change the legislation” got a great reaction.

EPISTEMOLOGICAL BREAK

The most striking assessment of the new economic model, which has been implemented since the end of last year, under the leadership of President Recep Tayyip Erdoğan, under the auspices of the Minister of Finance Nureddin Nebati and under the supervision of the Central Bank. , Şahap Kavcıoğlu, came from Nabati. These words by Nebati, who defined the model as “the heterodox approach that represents an epistemological break with neoclassical economic thought” in September, were spoken both on the street and in the academic world.

GO TO THE NEUROLOGISTS

Nebati told critics: “We are able to express very well where the country has come from in 20 years and what we have achieved, but we also know very well how to express in what language when we sit down with a university professor, both sarcastically and from school. You keep your words with manipulative, speculative, lying deception. You keep bouncing around in your pool, ”he replied, and then“ They made fun of this neuroeconomics. Let them go to the neurologist, so what should I do?” He added.

READY FOR ANY POSITION

Treasury and Finance Minister Nureddin Nebati made interesting remarks in responding to criticism of the additional budget at Turkey’s Grand National Assembly Plan and Budget Committee in June, saying: “I am a farmer, a businessman, an economist , whatever. tell. I am ready for any position,” he said.