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 experienced an “explosion” in domestic demand this year and an extraordinary increase in investment, Finance Minister Mehmet Simsek said.
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.
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 Finance Minister Mehmet Simsek said nothing would keep him from serving as head of the International Monetary Fund and that selecting a Turk for the position would be a “natural” choice.
"With oil prices falling significantly, that's great news for Turkey."
- Mehmet Simsek on Oct 17, 2014