Turkish FM Plays With Words Over Economic Meltdown

-


 The new Finance minister of Turkey, Mr. Nureddin Nebati, was in news last month for his surprising reply during a TV interview. When asked by a reporter, regarding the economic situation of Turkey, Nebati replied by saying “I won’t give a number now,” he told a surprised television interviewer. “Can you look into my eyes? What do you see?... The economy is the sparkle in the eyes.” Considering the selection of Nebati by president, Erdogan his response sounded rather unconventional to all.

Turkey is facing high rates of inflation, erratic currency rates and high interest rates. Nureddin Nebati was selected by the President Tayyip Erdogan as the finance minister to drive the new economic policy in a rather unconventional way. He has completed six weeks in the role of Minister of Finance and Treasury, in Erdogan’s cabinet. The remarks of 58-year-old minister, during the TV interview has created a stir in the market.

Two weeks, ago, justifying his efforts, Nebati, said on the rate cuts, “We have put aside orthodox policies, now it is heterodox policies.” His strategy of rate cuts has also back fired, as per the mainstream economic theory that fighting inflation requires higher rates, not lower.

The decision of Erdogan to appoint Nemani has invited a lot of critics since beginning and with few of the remarks by the finance minister, it has made the situation worse. Recently, during a television interview, he said, “We will move not on a path drawn for us by others but on our own path.” The foreign economists, Turkey’s opposition politicians have criticized, his policies. They say that Nebati’s actions has created much more uncertainties for Turkey.

“Instead of instilling confidence in the economy, you took steps that petrified everyone,” the leader of the nationalist IYI Party Meral Aksener said, addressing Erdogan. “As our nation is hit, the ‘Nebati Comet’ you brought to the helm of the economy...shamelessly speaks of the ‘sparkle

in his eyes’.” When contacted the office of finance minister for a comment, there was no response. Nebati couldn’t be reached as well. Neither there was any response from the President’s office. Sources shared that, ministers close to the president have expressed concern, saying Turkey could have picked a more market-friendly figure to run the economy at such a turbulent time.

Comments

Post a Comment

Popular posts from this blog

Why Is Truss Government Looking At Relaxing Immigration Rules?

-
Image
UK is moving towards relaxing labor shortage norms to make up for the windfall in its crucial food industry There are plans in the UK to ease off immigration rules as the country faces issues with labour shortage and need to boost economic growth. There are plans to expand the government’s shortage occupation list in order to fill in crucial vacancies. The best way that the new PM sees is by inviting overseas workers. A range of sectors are facing labor shortage and Ms Truss has been getting requests from the various to ease off immigration restrictions to ease off the labor shortage pressures. Businesses it is told have been frustrated over the visa system for skilled workers of being unresponsive to not fill the windfall. A severe shortage in farming for example needs to be addressed. Such shortages, it seems is looking like it will badly affect food and the farming sector. The first one to be helped would be the seasonal workers’ programme. Similarly, those in dire need will nee...
Read more

How University Of Glasgow Is Reviving The Art of Knitting

-
Image
There are ways and then there are more ways to keep our traditions alive. A university in the UK has found a novice way of keeping the tradition of knitting alive, by launching a book on knitting patterns based on the architecture of the university. The University of Glasgow has collated a book of such patterns that were invited from designers from all over Scotland and are based on the ‘iconic’ cloisters on the Gilmorehill campus and the ‘modernism’ of the library. The university has gone ahead and also employed knitter who resides with the university and will help in creating the patterns.  Staff and students have been alike, invited to take part in the competition to produce original knitting patterns that are inspired by the university. They have also been encouraged to use Cochno wool. University actually launched its own wool in 2018, called the Cochno that was well received by knitters around the world. The book named as the Knitting The University of Glasgow , is a jo...
Read more

North Korean Construction Workers Run For Their Lives From Russia

-
Image
While North Koreans make for a large population of migrant workers, the pressure to lose their lives working in the war-ravaged Ukraine has left them scared In a surprising revelation, North Korean construction workers are discovering that they are in fact been employed to be sent to Ukraine from Russia. Fearing for their lives, these migrant workers are now running for their lives as none would want to the ongoing war-ravaged country. The ongoing war has led to massive loss of lives and infrastructure, which Russia is on its own volition deciding to rebuild, employing migrant workers from North Korea . The same construction migrants are now running into hiding fearing for their lives. 'After getting the news that the workers would soon be moved to a new construction site in Ukraine, and needed to settle everything by the end of September, many have escaped. It's not only the construction workers, but also management officials escaping,' an unnamed source told the pub...
Read more