PM's economic advisor: "More and more, the lira will be used in regional trade"
Thanks to Turkey's policy of "zero problems with its neighbors," the lira will be come to be used more in regional trade with neighboring countries, predicted chief economic advisor to the prime minister and former Central Bank Governor Durmus Yilmaz on Monday. Speaking at the fifth Lodestar Meetings organized by Asya Bank, Yilmaz said Turkey's current economic stability is reflected in its national currency. "The Turkish lira, once seen as a 'lousy' currency in foreign exchange markets, has been transformed into an investment tool important for international trade," he said. "If we protect our currency from inflationary effects, I am sure the lira will be used in regional trade among the Gulf countries and North Africa." He added, "Strict public finance is indispensable for the sustainability of Turkey's economic stability." On Turkey's emergence from the shadow of the global economic crisis, he said, "Sometimes (the recovery) is more flat and faces setbacks. The current economic situations of Portugal, Greece and Ireland could play a role in these setbacks but overall, the economy, which started to recover in the past year, continues to do so."