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Former CBRT Deputy Leader Prof. Dr. Fatih Özatay: ‘What is panic in Ankara?’

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While the current processes account gave a deficit of 5 billion 554 million dollars in March, the 12-month current processes became deficit 24 billion 223 million dollars.

Stating that the current processes account continues to deteriorate, Former CBRT Deputy Leader Prof. Dr. Fatih Özatay, today’s “Current account deficit, foreign exchange, inflation: what’s the fuss about in Ankara?” “The jump in power prices has a valuable role in the current account deficit so high,” he said in his article titled.

“‘Is there a fuss?’ BRINGS YOUR QUESTION TO MIND”

Özatay continued:

“Although they played a very valuable role in such an environment or in the coming of the environment, decision makers should not panic. If they panic, panic decisions are taken. These decisions can make a noise. This is a great risk for the continuation of the unsustainable situation.

Some of the recently announced decisions give the impression that foreign exchange processes are tried to be brought under control on the one hand, and on the other hand, the banks and the Central Bank from them – no matter what – are acting with the aim of getting some more foreign currency. Moreover, these decisions are not announced as a package – as a coherent whole and in one go. Decisions announced as ‘This day is this, today is this’ reinforce the impression I have stated. ‘Is there a fuss?’ begs the question. More foreign exchange demand is rising than it is/will be.

As if these were not enough, we also announced a new low-interest housing loan package. We continued to act as if the main reason for what happened to us was not the interest rate cut. While writing these lines, the dollar rate has increased to 15.60. Our risk premium is over 700. Those who make and implement economic policy will probably think about it a little bit, but I wanted it to be helpful in terms of preventing this unsavory trend. You will understand the article to save my afterlife…”

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