Turkish Finance Minister Mehmet Şimşek, who was to travel to New York this week with Central Bank Governor Hafize Gaye Erkan to hold an Investor Days event on January 11, has decided to attend the meeting via video conference due to his busy schedule in Ankara, Turkish media outlets reported.
According to an invitation the central bank sent to investors, Şimşek was scheduled to give a presentation on fiscal policy and the financing outlook during the event, expected to be attended by more than 200 senior executives from investment funds.
The event, which will take place at the headquarters of Wall Street bank JPMorgan, is seen as part of Ankara’s efforts to attract foreign investors back to Turkey after years of exodus.
Erkan, a former Wall Street banker and the first woman to lead Turkey’s central bank, will deliver a full day of presentations to foreign investors on monetary policy, inflation and Turkish assets during the event.
Following the presentations, Erkan will take questions, discuss policy and the inflation outlook and moderate a panel discussion on “Investors’ View on Turkish Assets,” according to the central bank invitation.
Well-respected economist Şimşek was appointed finance minister and Erkan was put in charge of the central bank following the elections in May when President Recep Tayyip Erdoğan secured yet another term in power.
The new economic team implemented a program and began to increase interest rates in a major economic policy reversal. Boosting foreign investment is a key part of the plan, and there are early signs of interest.
The new policy also aims to bring down soaring inflation, reduce trade deficits, rebuild foreign exchange reserves and stabilize the lira.
The central bank has since raised Turkey’s benchmark interest rate to 42.5 percent from 8.5 percent, breaking through Erdoğan’s past aversion to high borrowing costs.