Turkiye set to exit ‘gray’ list next month, says vice president
Türikye to be removed from the gray list as announced by Vice President Cevdet Yilmaz, indicating the upcoming month for the transition, citing positive economic outlook and reforms
Vice President Cevdet Yilmaz has announced Türkiye’s exit date from the gray list. Speaking to Reuters, Yilmaz indicated next month as the time for Türkiye’s removal from the gray list.
Yilmaz made significant statements regarding the economy. He mentioned that the Financial Action Task Force (FATF) recently conducted on-site visits in Türkiye and expressed expectations for Türkiye to exit the gray list next month.
Speaking to Reuters, Yilmaz stated that the Medium-Term Program will be updated in September, with updates in economic forecasts primarily focusing on improvements in the current account deficit and budget.
The budget deficit will fall below 5%.
Yilmaz mentioned that with the full support of President Recep Tayyip Erdogan, disinflation program and reform agenda will be maintained, and with the impact of the savings and efficiency package, it’s possible for the budget deficit to fall below 5%.
Significant decline in inflation expected
Yilmaz indicated that inflation is expected to close near the Central Bank’s forecast of around 38% by year-end, aiming to reach below 20% next year and single-digit inflation by 2026. He highlighted a significant decrease in inflation due to measures taken so far, which would positively impact citizens’ expectations.
Positive Impact on Direct Investments
Yilmaz noted a $40 billion increase in the Central Bank’s reserves and growing interest from foreign investors, expecting this increased interest to have a positive impact on direct investments. He also mentioned targeted country and sectoral studies for direct investments, as well as President Erdogan’s upcoming meeting with global CEOs in September.
