Union of Chambers and Commodity Exchanges of Turkey

The joint statement reads as follows:

“TOBB, TESK, TÜSİAD and MÜSİAD, representing Turkey's traders, industrialists and tradesmen, believe that Turkey's first priority for economic growth and employment is price stability in the process of normalization after the COVID-19 pandemic, which has seen serious disruptions in global supply chains.

Every revival that begins in the economy without ensuring price stability is unfortunately short-lived and narrows the investment horizons of our businesspeople. Therefore, we see price stability as a prerequisite to ensure the prosperity increase that our country deserves. By ensuring price stability, the investment environment in Turkey will improve, predictability will increase, so that it will be possible to attract new technology investments with high added value to our country.

From this point of view, we closely follow the new economic reform agenda initiated under the leadership of Our President Recep Tayyip Erdoğan and support the fight against inflation as a priority goal. We believe that a public-private consultation process will be very useful in the efforts carried out in coordination with the Ministry of Treasury and Finance and the Central Bank to combat inflation.

This consultation process will contribute to close monitoring of global and local price dynamics on a sectoral basis and to identify structural risks, cost dynamics and supply-demand imbalances seen in product groups, thus supporting the data-driven policy design process, taking into account the formation of all prices in free market conditions. We believe that this consultation mechanism will be extremely useful to raise awareness of the importance of fighting inflation in the business world and the positive contribution of price stability to the medium-long-term growth and employment perspective.

We know that all stakeholders need to support the efforts of the Central Bank and related public institutions in our success in the fight against inflation, and we share with the public that we are ready to make all contributions in the post-COVID-19 global recovery period so that Turkey can quickly achieve the price stability goal it deserves.

Best regards

TOBB President M. Rifat Hisarcıklıoğlu, TESK President Bendevi Palandöken, TÜSİAD President Simone Kaslowski, MÜSİAD President Abdurrahman Kaan”