Turkish FM Plays With Words Over Economic Meltdown

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 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.

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