Message “We are determined” from the governor of the Central Bank

Hafize Gaye Erkan, Chairman of the Central Bank of the Republic of Turkey (CBRT), said: “We continue to implement our roadmap, which we shared with the public at our Inflation Report meeting, with gradual and decisive steps, to establish the bases for the sustainable start of disinflation in 2024”.

According to the statement of the Association of Jewelry Exporters (MIB), the president of the MİB and member of the board of directors of the Turkish Exporters’ Assembly (TİM), Burak Yakin, met in Ankara with the leaders of the jewelry industry. the jewelry store, the Vice Minister of Treasury and Finance, Osman Celik, and the president of the CBRT. Hafize Gaye Erkan came.

Çelik, Deputy Minister of Finance and Finance, and Erkan, CBRT President, listened to the concerns of industry representatives at the meeting.

Osman Çelik, Deputy Treasury and Finance Minister, whose views were included in the statement, noted that as a government, they started by establishing macroeconomic balances and wanted to enhance the competitive power of export-relevant sectors by carefully monitoring the side effects of the measures in the real sector and take the necessary measures.

CBRT Chairman Hafize Gaye Erkan said: “We continue to implement our roadmap, which we shared with the public at our Inflation Report meeting, with gradual and decisive steps, in order to lay the foundation for the sustainable start disinflation in 2024”.

INTEREST IN POLITICS HAS INCREASED TO 25 PERCENT

The CBRT’s Monetary Policy Committee (PPK) raised the one-week repo auction rate, which is the policy rate, from 8.5 percent to 25 percent in three meetings after Erkan was appointed as CBRT chairman. .

While there are messages of gradual and determined monetary tightening in the MPC resolution texts, CBRT Chairman Erkan said at the inflation report briefing on July 27: “We started a strong monetary tightening process in June . We emphasize that this process will be gradual, balanced and stable”. he had used the phrase.

In the decision of the Monetary Policy Committee of July 20, 2023 and August 24, 2023, it was stated that the simplification process that will strengthen macrofinancial stability and increase the functionality of market mechanisms will continue gradually, and that credit adjustment selective and quantitative Decisions were made to support the monetary adjustment process.

THE ISSUE OF IMPORTING GOLD IS TALKED

According to the MIB statement, the meeting discussed news that is closely related to more than 250,000 jewelers.

In particular, the most recent situation caused by the practice of not imposing quotas on gold imports and not charging additional taxes on imports of finished products from countries that have free trade agreements with EU members was discussed.

The meeting was attended by MİB Chairman Burak Yakin, MIB Board members Murad Köşker and Hüseyin Şaşmaz, Istanbul Chamber of Jewelers Chairman Mustafa Atayık, ISO Jewelry Committee Chairman Fatih Kemahlı, ISO Assembly Member Münir Üçkardeş, İTO Jewelry Committee Chairman Ercan Özboyacı, Nadir Metals Refinery. The Chairman of the Board of Directors, Abdullah Tütüncü, Boğaziçi Jewelry, Hasan Basri Abdik and Uğur Uras of Uğuras Precious Metals, representing the brokerage houses.

At the meeting, representatives of the jewelry industry explained how the decisions made affected them, while Burak Yakin, President of MIB, explained the current table with a presentation.

The presentation stated that the jewelery industry has come a long way in the last 20 years, competing with world leaders and doubling its global market share despite the Covid-19 outbreak, noting that jewelers are at a disadvantage. at 68 points compared to its Italian rivals when it comes to buying gold to produce jewelry.

The meeting noted that there has recently been a notable increase in gold imports into Turkey and that this situation also had an impact on the current account deficit, and that macroprudential measures were implemented to strengthen financial stability during the transition period. .

It was also stated at the meeting that manufacturing sectors such as jewelery exporters will continue to be supported.

‘ERKAN SHARED SOLUTIONS TO RELIEF THE INDUSTRY’

MİB Chairman Burak Yakin stated that the jewelry industry is struggling to create high added value for the Turkish economy, noting that it is natural to make some decisions to establish economic balances and that they as an industry take responsibility for all decisions made.

Drawing attention to the importance of ensuring that the side effects of the decisions are not lethal to the sectors, Near stressed that many foreign investors have invested in recent years and that Turkey has become a very important option for Asian entrepreneurs, Arabs, Africans and Europeans. .

Near said, “Our Central Bank Governor Hafize Gaye Erkan shared with the meeting participants the solutions that will ease our industry and not hurt inflation. The CBRT, together with the relevant ministries, especially the Ministry of Finance and Finance, will collaborate on the work that needs to be done to resolve the issue as soon as possible. (AA)