Turkey shelves orthodox policies, pursues own economic path: finance minister

Turkey has set aside orthodox economic policies, and pursues its own path, Turkish Finance Minister Nureddin Nebati said here on Wednesday.

“We have put aside orthodox policies, now it is heterodox policies,” he said when addressing a businessmen group.

“We will continue to carry out fiscal and monetary policies in accordance with the realities of the country, internal dynamics and the requirements of the international conjuncture,” he said, noting that Turkey would not compromise on budget discipline.

Turkey will move on its path, not on a path drawn for it by others, the finance minister said.

He vowed to continue to struggle against soaring consumer prices with determination and emphasized that the government has introduced all instruments to support the Turkish lira.

The Turkish government recently unveiled a new deposit program to strengthen the value of the Turkish Lira.

The program, named “Foreign Exchange-Protected Turkish Lira Deposit”, was introduced to protect depositors from the volatility of foreign exchange rates, according to the Turkish government.