Caglayan pays commercial visit to Luxembourg

Economy Minister Zafer Caglayan paid a commercial visit to Luxembourg, EU's logistic base and the center of global finance, by flying in the first direct flight of Turkish Airlines to the city. Evaluating the quake that turned global stock markets upside down, Caglayan said, "There is no situation in Turkey to be concerned about. There is no revision in the economy. We are in the same boat." Recalling the slump in the Chinese stock market, Caglayan said, "We focus on FED's decisions. The World Bank is revising growth figures. Figures related to China are upsetting the world. The downward revision of growth negatively influences the world. Turkey is a globally integrated economy; it is not possible to evade what is going on in the world." Stating that the interest rate policy is determined by the Central Bank, Caglayan added, "The Central Bank intervened first verbally, then physically. American dollars came up to 1.94. This will increase our energy prices. 60% of our imports are in American dollars, and 40% in Euros; which creates price fluctuations. The stock market started to recover. It is important that currency prices are predictable for exporters. We desire that interest rates would fall." Commenting also on Turkey-EU relations, Caglayan said that the EU kept Turkey waiting on one foot for 53 years. "There were unpleasant remarks regarding the negotiation process in the latest announcement from the EU. But we welcome the fact that the EU started to open Chapter 22. I think an EU map without Turkey is incomplete. The EU will be missing one pillar without Turkey in terms of economy," Caglayan noted, adding that the interest rates had dropped to around 4.60% before the recent events. He also said that it was not possible to specify a target in foreign currency, advising everyone to be patient and watch the global economy.