In a London hotel that featured in an early Sherlock Holmes story, Turkey’s finance minister is preparing to tell investors that the graft scandal roiling his country’s financial markets is a case of mistaken identity.
Turkey’s government may have room to accelerate spending in the run-up to next year’s elections without breaching the target for the budget deficit , Finance Minister Mehmet Simsek said.
Turkey’s Finance Minister Mehmet Simsek defended the independence of the central bank, which came under further pressure today from Economy Minister Nihat Zeybekci to lower interest rates.
Turkish Prime Minister Recep Tayyip Erdogan is seeking to limit the economic costs of picking the losing side in the regional power struggle over Egypt.
Turkish Finance Minister Mehmet Simsek said he will keep government spending tight even as the economy slows and the central bank cut interest rates last week to stimulate growth.
"The independence of the central bank has been one of Turkey's greatest achievements in recent years."
- Mehmet Simsek on May 28, 2014