No more excuses for avoiding POS terminals, says finance minister
Türkiye's Finance Minister Mehmet Simsek speaks during the 66th General Assembly of Turkish Banks Association in Istanbul, Türkiye August 17, 2023. (Reuters Photo)
Treasury and Finance Minister Mehmet Simsek, speaking during a live broadcast on a Turkish TV channel, emphasized the government’s strict stance against unregistered trade. Simsek highlighted that phrases like “we don’t use POS terminals anymore” are no longer acceptable, underscoring efforts to combat informal economic activities.
Simsek stressed the integration of cash registers and POS terminals, stating, “The most important issue for us is unregistered trade. For instance, if you go somewhere and they say they don’t accept credit cards, no institution should be able to say that, as we have integrated cash registers with POS terminals.”
IBANs and unregistered trade
In a recent live TV appearance, Simsek addressed concerns regarding IBANs and unregistered trade. He warned that allowing unknown individuals to use one’s IBAN carries serious risks, including potential involvement in money laundering. Simsek also emphasized that businesses can no longer claim they do not accept POS devices, reaffirming the government’s commitment to intensifying the fight against unregistered trade.
Inflation and economic situation
Simsek discussed efforts to address economic vulnerabilities, noting that they have tackled crucial issues such as inflation control, currency risk, and budget deficits. “We have addressed our vulnerabilities and managed to control inflation,” he said, emphasizing the importance of recent policy measures.
He acknowledged the public’s concerns about the rising cost of living, noting, “The decrease in inflation to around 40% does not mean that prices are falling. Prices are still increasing but at a slower rate.” Simsek highlighted the need for patience and time to see a significant reduction in inflation.
Housing and service inflation
Simsek announced plans to increase housing supply, stating that 201,000 homes will be delivered in earthquake-affected areas this year, with an additional 250,000 homes planned for next year. He also mentioned programs to boost the housing supply in Istanbul. Simsek noted that service inflation, which includes significant items like rent, tends to decrease more slowly and will take time to improve.
In conclusion, Simsek reiterated the importance of patience and time, stating that macroeconomic stability has been prioritized and significant risks have been mitigated. He emphasized that while the process requires time, the support from President Recep Tayyip Erdogan is unwavering.
