Erdoğan breaks silence on son-in-law Albayrak's shock resignation in brief remarks

Duvar English - Anadolu Agency

President Recep Tayyip Erdoğan has thanked his son-in-law Berat Albayrak for his services as the treasury and finance minister for the first time since his shock resignation.

Erdoğan commented on the issue some 67 hours after Albayrak announced his resignation on Instagram on Nov. 8.

"He wanted to leave his post over health issues and we accepted his request," Erdoğan told members of his ruling Justice and Development Party (AKP) during a weekly parliamentary group meeting on Nov. 11.

Erdoğan then went on to wish success to Lütfi Elvan, who was appointed finance minister.

Slamming reports of a possible cabinet reshuffle following Albayrak's resignation, Erdoğan said, "We don't act based on these reports."

"You'll write or speak on TV about these and you expect us to act accordingly? We didn't come this far based on reports, but we did so with our people," he said.

'A new era to improve Turkey's investment environment'

Announcing a series of recovery plans on economic policies, including structural reforms and financial stability, Erdoğan vowed to "open a new era to improve the country's investment environment."

He said new steps will be taken soon to improve the investment climate and make the country's economic policies more effective.

"We will achieve our goals by building economic policies on three pillars: price stability, financial stability, and macroeconomic stability. For this, we are preparing a favorable environment for long-term savings and investments," he said.

Turkey will focus more on gaining confidence and credibility in economic policies and reduce the country's risk premium, Erdoğan said, adding that "maintenance of economic growth and employment in a healthy, sustainable and strong way will be ensured."

AKP expects cabinet reshuffle following Albayrak's resignation, opposition eyes elections

"We are building a growth structure which creates qualified employment, does not cause inflation and current account deficit, and is financed mainly by domestic savings and direct international investments," he said, noting that the government is "determined" to reduce inflation to single digits as soon as possible.

"We will ensure that our policies are implemented as planned through strengthening coordination and harmony in economy management," Erdoğan said.

The Turkish President noted that besides strengthening macroeconomic stability, the government will focus on creating a more attractive business and investment environment.

"We will provide all kinds of convenience and support to domestic and international investors who trust in the Turkish economy and Turkish lira," he vowed.

Turkey will hold a series of meetings with international investors to talk about opportunities, potential and support the country will provide for them, Erdoğan said.

"We are also in preparations for structural reforms such as improving the investment environment, increasing the depth of financial markets, increasing the quality of public revenues and expenditures, preventing informality and good governance," he added.

The country will also take new steps in "strengthening the rule of law, predictability, easy accessibility, as well as fast and efficient judicial system in upcoming months," the president said.

Lütfi Elvan takes helm as finance minister, says his appointment surprised him

"We will strengthen macroeconomic stability by increasing the harmony between monetary and fiscal policies and financial policies, thanks to effective decision-making mechanisms," he said.

"With the Treasury and Finance Ministry and the Central Bank in finance side, the Trade Ministry and the Industry and Technology Ministry in the real sector side, along with other ministries and business people, we all are working together to make a new economic leap in Turkey," he added.

Turkey is launching a new mobilization focused on stability, growth and employment, with the awareness that "a country without a strong economy cannot protect its gains in other areas."

"The positive trend in market indicators, with the appointment of our new Central Bank governor and the new treasury and finance minister, indicates we are on the right track," the president said.

Stressing that the changes in economy management were welcomed by the market, Erdoğan noted that international investors put $2.7 billion in Turkish assets following the move.

The US dollar/Turkish lira exchange rate fell rapidly on Nov. 11, trading around 7.90 versus 8.1190 at the opening earlier on the same day.

Finance Minister Berat Albayrak announces resignation on Instagram