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"We continue to implement our roadmap with decisive steps"

CBRT Governor Gaye Erkan said, "We continue to implement our road map, which we shared with the public at our Inflation Report meeting, with gradual and decisive steps."

"We continue to implement our roadmap with decisive steps"

According to a statement released by the Jewelry Exporters' Association (MIB), Burak Yakın, President of MIB and Member of the Board of Directors of the Turkish Exporters Assembly (TIM), and leaders of the jewelry industry met with Osman Çelik, Deputy Minister of Treasury and Finance, and Hafize Gaye Erkan, Governor of the Central Bank of the Republic of Turkey (CBRT) in Ankara.

Deputy Minister of Treasury and Finance Çelik and CBRT Governor Erkan listened to the problems of the sector representatives at the meeting.

Osman Çelik, Deputy Minister of Treasury and Finance, stated that as the government, they started their work by establishing macro balances and that they want to improve the competitive power of the relevant sectors in exports by meticulously monitoring the side effects of the measures on the real sector and taking the necessary measures.

CBRT Governor Hafize Gaye Erkan said, "We continue to implement our road map, which we shared with the public at our Inflation Report meeting, with gradual and decisive steps in order to create the ground for the sustainable start of disinflation in 2024."

In the MPC decision texts, gradual and decisive monetary tightening messages were included

The CBRT Monetary Policy Committee (MPC) raised the policy rate, the one-week repo auction rate, from 8.5 percent to 25 percent in 3 meetings following the appointment of Hafize Gaye Erkan as the CBRT Governor. While the MPC decision texts included messages of gradual and decisive monetary tightening, CBRT Governor Erkan said at the Inflation Report Briefing Meeting on July 27: "We started a strong monetary tightening process in June. We emphasized that this process would be gradual, balanced and stable."

In the Monetary Policy Committee's decisions dated July 20, 2023 and August 24, 2023, it was stated that the simplification process, which will strengthen macro financial stability and increase the functionality of market mechanisms, will continue gradually and selective credit and quantitative tightening decisions were taken to support the monetary tightening process.

At the meeting, developments that closely concern jewelers were discussed

According to the MIB statement, developments that closely concern more than 250 thousand jewelers were discussed at the meeting. In particular, the latest situation caused by the quota on gold imports and the application of no additional tax on finished product imports from countries with FTA agreements with EU members were discussed.

In addition to MIB President Burak Yakın, MIB Board Members Murad Köşker and Hüseyin Şaşmaz, Istanbul Chamber of Jewelers President Mustafa Atayık, ISO Jewelry Committee Chairman Fatih Kemahlı, ISO Assembly Member Münir Üçkardeş, ITO Jewelry Committee Chairman Ercan Özboyacı, Nadir Metal Refinery Chairman Abdullah Tütüncü, Boğaziçi Jewelry Hasan Basri Abdik and Uğur Uras from Uğuras Precious Metals representing stock exchange brokerage houses attended the meeting.

During the meeting, representatives of the jewelry sector explained how they were affected by the decisions taken, while Burak Yakın, President of MIB, explained the current picture with a presentation.

In the presentation, it was stated that the jewelry sector has made a very significant progress in the last 20 years, competing with world leaders and doubling its global market share despite the Covid-19 outbreak, and that jewelers are 68 points disadvantaged against their Italian competitors when buying gold to produce jewelry.

Noting that there has been a remarkable increase in gold imports in Turkey recently and that this situation has an impact on the current account deficit, the meeting pointed out that macroprudential measures have been implemented to strengthen financial stability during the transition process. It was also stated at the meeting that producer segments such as jewelry exporters will continue to be supported.

"Erkan shared with the meeting participants the solutions that will relieve our sector and will not harm inflation"

Burak Yakın, President of MIB, stated that the jewelry sector is struggling to create high added value for the Turkish economy and noted that it is natural to take some decisions to establish economic balances and that they take responsibility as a sector in all decisions taken.

Pointing out that the side effects of the decisions should not be fatal for the sectors, Yakın emphasized that many foreigners have invested in recent years and Turkey has become a very important option for Asian, Arab, African and European businessmen.

"Our Central Bank Governor Hafize Gaye Erkan shared with the meeting participants the solutions that will relieve our sector and will not harm inflation. The CBRT, together with the relevant Ministries, especially the Ministry of Treasury and Finance, will help the work to be carried out to solve the problem as soon as possible."

On behalf of the sector, Yakın thanked CBRT Governor Erkan for his solution-oriented approach.


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