TİM Chairman Gülle: "We Will Support the Steps Taken Towards the Stability of Our National Currency"

TİM Chairman Gülle: "I wholeheartedly support these steps taken as a citizen and an exporter"

TİM Chairman Gülle: "I invite our exporters and citizens to use Turkish Lira in investment vehicles"

Saying that our economic management has taken steps to ensure the continuity of investments by reducing interest rates and thus aims to eliminate the risks that may occur in production, export, and employment. With this package of measures, this situation eliminated the risk environment, which occurred in financial markets with the effect of high inflation”, İsmail Gülle invited exporters and citizens to use TL investment instruments, which are extremely attractive with the latest measures.

Turkish Exporters Assembly (TİM) Chairman İsmail Gülle made assessments of financial alternatives and economic measures announced by President Recep Tayyip Erdoğan yesterday. Gülle said, “Recently, the Turkish Lira has been priced against the USD in a way that is incompatible with macroeconomic indicators, far from its fair value and unstable. The global economy and the Turkish economy in parallel are undergoing a deep process of change and transformation. Transformation processes will of course be painful. It is natural to see vulnerabilities in the economic confidence of households and the real sector during such periods.”

Devaluation of TL is far from economic indicators

Emphasizing that the Turkish Lira has suffered a devaluation away from economic indicators, İsmail Gülle said, “Recent developments are the result of such fragility, and this has caused a devaluation of the Turkish Lira away from economic indicators. Türkiye must position itself most accurately during this deep transformation of the global economy. The difficult process we go through imposes this responsibility on us. During this period, our economic management took steps to ensure the continuity of investments by lowering interest rates first and thus aimed to eliminate the risks that may occur in production, export, and employment. Subsequently, with this package of measures, this situation eliminated the risk environment, which occurred in financial markets with the effect of high inflation”

"I support these steps with all my heart”

Stating that, Türkiye has a strong economic structure, TİM Chairman Gülle said, "When we look at the last year and a half, Türkiye has entered this series of crises that have come with the pandemic with a solid structure. Türkiye has managed to become one of the least affected countries in the world with its strong banking sector, rich energy resources, strong logistics infrastructure, increased tourism revenues, sustainable and developing industrial production, and historical achievements in export. We have stood out among the G-20 and OECD countries with our growth figures, and by the end of the year, we will hopefully complete 2021 with a double-digit growth figure. Türkiye's economy has been running a current surplus for the past three months. The surplus in current transactions will continue in 2022 and our economy will also go into surplus in the annualized current balance. We have a strong economic structure. The new economic model focused on production, employment, and export, which was accomplished under the leadership of our President, will also pave the way for the commercial opportunities that our country has seized amid global crises. In this process, we gladly followed the statements made by our President aimed at stabilizing the Turkish Lira, which is one of the most important symbols of our national independence. With this move, the trust problem that may occur in both our citizens and our companies will be solved. As a citizen and an exporter, I wholeheartedly support these steps.

"We have witnessed with sadness that exporters are being targeted"

Finally, Gülle stated that they are not in favor of high or low exchange rates but the favor of stable exchange rates. As we always say, we are in favor of a stable exchange rate. We have witnessed that exporters have been unfairly criticized about recent developments in money markets. We also saw that our exporters who lead the growth of our country and increase financial prosperity in our country are targeted because of some people's political or personal ambitions and desires. We advise these individuals or groups to take part in the benefit of our country, not against the exporters who are pioneers of production, and employment.

Just as our exporters are negatively affected by the sudden rises in the exchange rate, they are also negatively affected by sudden decreases. However, thanks to the packages of measures announced, the Turkish Lira will find its fair value in a short time and will be traded at a stable level. Therefore, it is a common benefit for everyone that our national currency stays stable in its fair value. Exporters need to make their financial transactions in such a way that they are transmitted on this common ground. While keeping our companies with foreign currency payments exempt, I think that this new export-oriented model initiated by our government should be supported in the field of finding the fair value of the Turkish Lira and reaching a stable level, as in every other field. So, I urge our exporters to restraint. Just as we achieved records in export by not disrupting production and exports in the first shock of the pandemic and turning the global crisis into an opportunity, we must continue to serve our country by supporting the steps taken towards the stability of our national currency. Therefore, I invite all our exporters and all citizens to use TL investment vehicles, which have become extremely attractive within the scope of the new measures announced."