Parliament adopts law on Turkish Central Management Budget
The Parliament adopted the Law on Turkish Central Management Budget for 2013 on Thursday in the closing session of the 10-day debates. According to the law, central management budget expenses are envisaged as 404 billion Turkish liras and the income is projected as 370 billion TL. The law targets the ratio of total budget expenses to gross domestic product as 25.7 percent. Furthermore, the ratios of budget deficit and non-interest surplus to gross domestic product are planned as 2.2 percent and 1.2 percent, respectively. Speaking at the closing session, Prime Minister Recep Tayyip Erdogan said that they would all together continue to have Turkey grow with stability, confidence, brotherhood and solidarity in 2013. "I would like to make another good news that Turkish Central Bank's foreign exchange reserves set another record with $120.5 billion," Erdogan noted, adding that he expects that 2012 would end with several records. For his part, Deputy Prime Minister Ali Babacan said that Turkey would enjoy more balanced and sustainable growth rates in and as from 2013.