Caglayan attempts to calm fears on current deficit

Turkish Economy Minister Zafer Caglayan who is in charge of foreign trade attempted to calm fears due to the current accounts deficit, saying the economy has a strong structure. Caglayan visited the technology center and helicopter factory in Kazan on his trip to the Republic of Tatarstan in Russia for the Turkish-Tatar Business Forum. Caglayan spoke to journalists concerning recent developments in the Turkish economy. Underlining "the firm structure of the Turkish economy" Caglayan stated: "Since Turkey has applied strict budget discipline, even if a current deficit exists, the Turkish economy has the power to overcome it." Caglayan also conveyed, "All numbers in the Medium Term Program, including those of inflation, will be revised.” Concerning the trade rate with the EU and his prediction about Turkey's growth rate, he said, "Despite an increase in exports to the European Union, we should still undertake a revision concerning the goods and services trades with the EU" while adding, "We expect a growth rate below 4 percent but above 3 percent, which is still not a rate to be underestimated.” Upon a question regarding the interference of the Turkish Central Bank in exchange rates, Caglayan responded, "I don’t appreciate the Central Bank’s interference in exchange rates. I don’t think the actual situation is permanent. We have a fluctuating exchange rate, it circulates among the sellers and buyers and fixes on a balance.”