‘Tools in hand, program on track’: Finance Minister Simsek eases concerns

Türkiye’s Treasury and Finance Minister Mehmet Simsek reaffirmed the government’s commitment to the Medium-Term Program, which aims to stabilize the Turkish economy, stating that there is “no hesitation” in its implementation and emphasizing that sufficient tools are in place to maintain economic stability.

According to a statement from the Banks Association of Türkiye (TBB), Minister Simsek attended the association’s traditional iftar (fast-breaking dinner) on Friday evening, where he met with senior banking executives. During the meeting, recent developments in the global and Turkish economies were discussed.

Simsek highlighted the positive impact of the Medium-Term Program, noting that it has improved the economy’s resilience to external shocks and led to significant progress. He emphasized that all necessary steps would continue to be taken to safeguard and expand these gains, stressing the government’s confidence in the program.

“We have sufficient tools, and there is no doubt about the implementation of the program,” he stated. He also underscored the importance of institutional coordination, stating that efforts are being carried out in close collaboration with relevant bodies.

Simsek also noted that temporary market fluctuations are being closely monitored in coordination with relevant institutions. He underlined that current measures are in place and additional steps have already been planned if needed, ensuring that the program will proceed with determination.

The minister praised the banking sector for its contributions to the program, adding that improvements in macroeconomic fundamentals have made the sector more robust and resilient.

Turkish banking sector expresses full confidence in program

Alpaslan Cakar, chairman of the Banks Association of Türkiye and CEO of Türkiye’s largest state-owned bank, Ziraat, echoed the minister’s comments, stating that the banking sector firmly believes in and supports the Medium-Term Program.

He emphasized that Türkiye’s overall economic health has always been a priority for the sector, which continues to maintain close communication and coordination with economic authorities.

Minister Simsek’s firm stance on achieving the program’s core objectives and establishing lasting macroeconomic stability has strengthened confidence within the sector, he remarked.

He added that the sector, supported by high liquidity, a strong asset structure, capital adequacy in line with international standards, robust correspondent banking relationships, and a prudent approach to risk management, is well-positioned to continue supporting the Turkish economy.

The Medium-Term Program is Türkiye’s official economic roadmap, typically covering a three-year period. The program aims to stabilize the economy, reduce inflation, attract investment, and strengthen fiscal discipline through structural reforms and coordinated policy actions.