Middle East

Turkey’s Nebati to unveil economy package on Saturday -media

ISTANBUL, Feb 10 (Reuters) – Turkish Finance Minister Nureddin Nebati will announce on Saturday measures to counter price rises and bring gold “under the mattress” into the financial system in a package involving Credit Guarantee Fund (KGF) support, state-owned media said.

Anadolu news agency said top company executives, the heads of banks and business group representatives were set to attend the event, which comes after Nebati this week pitched Turkey’s unorthodox policy to investors in London. read more

In those meetings, the minister pledged to keep the lira stable, lower inflation to single digits and stem dollarization.

The lira has been stable this year after tumbling 44% in 2021 when the central bank slashed its policy rate in line with an unorthodox policy driven by President Tayyip Erdogan despite soaring inflation.

In London, Nebati said Ankara was set to unveil a new scheme to get households to convert into lira holdings of gold, which he was quoted as estimating at $250-$350 billion.

Anadolu said the package would include incentives for exports and production, with a selective financing package via the KGF, which is designed to stimulate the economy by guaranteeing loans to small- and medium-sized firms.

Reporting by Daren Butler; Editing by Jonathan Spicer

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