ITO president complained about expensive loans, called for measures

Istanbul Chamber of Commerce (ITO) President Şekib Avdagiç made a written statement on the financial problem that entrepreneurs have been experiencing recently.

Stating that with the simplification steps of the Central Bank, signals were received to overcome the bottleneck in the credit mechanism and the difficulties in accessing financing, Avdagiç emphasized that they found this important and that some banks resorted to practices that made that the cost of borrowing is excessive. expensive.

Avdagiç said: “We see that some banks, mainly private banks, make the loan more expensive than advertised, with indirect costs such as commissions on commercial loans, demand deposit requirement, in addition to the increase in interest rates, which makes the loan is unenforceable. and he continued as follows:

“We also share with the relevant authorities that such abuses that disrupt the functioning of the market must not be allowed and deterrent measures must be taken promptly.”

ŞİMŞEK SAID ‘IT WILL BE RESOLVED IN 1.5-2 MONTHS’

Avdagic said that they shared the expectations of the business world, especially the problem of access to financing, which they currently live with great intensity, with economic management, and said: “I have to express that we are not at the point we want.” in terms of finances.

Avdagic stated that at the meeting in Ankara, Treasury and Finance Minister Mehmet Şimşek informed them that important and positive concrete steps will be taken in terms of access to finance within 1.5-2 months.

President of ITO Avdagic

‘SHOCK MEASURES MAY HAVE POSSIBLE SIDE EFFECTS’

Avdagic also stated that the results of the steps taken to ‘return to rationality in economic policy’ after the Nurettin Nebati period should be carefully monitored, saying:

“While we apply shock measures, which may be necessary from time to time, we must carefully monitor potential side effects and take necessary action quickly.”

‘FOOD INFLATION APPROACHES 10 PERCENT IN MID-SUMMER’

On the other hand, Avdagic also made assessments on the fight against inflation and drew attention to the problems in agriculture.

Saying that Turkey, one of the world’s top 10 agricultural producers, does not deserve the current high level of food inflation, Avdagic said: “This problem must be addressed quickly and the factors fueling food inflation must be addressed with urgency”. remote.”

Recalling that the ITO measured the food inflation rate at 8.61 percent in July, Avdagiç said: “However, July is a month in which inflation has traditionally been recorded as negative due to the summer cheapness in fruits and vegetables. We have to analyze the factors that trigger food inflation, which is close to 10 percent in the middle of summer, and take the necessary measures,” he said.

‘THE AVERAGE AGE OF THE FARMER IS 55, IF WE GO THAT WAY…’

Underlining that food is considered a strategic sector worldwide, ahead of the defense industry, Avdagic continued as follows:

“According to research, The average age of the Turkish farmer rose to 55 years. If we continue like this, this generation will be almost the last generation dedicated to agricultural production. There are no young people left in agriculture; this is not really a sustainable situation.

For this reason, without wasting time, we must put livestock and agriculture on the agenda of our youth. We must reconcile our youth and farmers with the land, and pave the way for migration from the city to the town. If Turkey makes a stronger fiction and strategy for agriculture on top of the existing ones, it will pay off for many years. We absolutely believe it.”