According to the announcement from the Jewelry Exporters’ Association (JEA), Burak Yakın, the President of JEA and a member of the Board of Directors of the Turkish Exporters’ Assembly (TİM), together with leaders of the jewellery sector, met with Deputy Minister of Treasury and Finance Osman Çelik and the President of the Central Bank of the Republic of Türkiye (CBRT), Hafize Gaye Erkan, in Ankara.
Deputy Minister of Treasury and Finance Çelik and CBRT President Erkan listened to the problems raised by representatives of the sector in the course of the assembly.
In his remarks talked about within the announcement, Deputy Minister of Treasury and Finance Osman Çelik acknowledged that they began by establishing macro balances as the federal government and punctiliously monitored the unwanted side effects of the measures on the true sector. They purpose to enhance the aggressive power of related sectors by way of their exports by taking crucial measures.
CBRT President Hafize Gaye Erkan stated, “We continue to implement the roadmap we shared with the public during our Inflation Report meeting to create a sustainable ground for the start of disinflation in 2024, with gradual and determined steps.”
The statements within the CBRT Policy Committee (PPK) determination texts had indicated gradual and decided financial tightening messages.
After Hafize Gaye Erkan’s appointment because the CBRT President, the PPK elevated the coverage fee, which is the one-week repo public sale rate of interest, from 8.5% to 25% in three conferences. The PPK determination texts contained messages of gradual and decided financial tightening, and President Erkan had acknowledged within the Inflation Report Briefing Meeting on July 27, “We initiated a strong monetary tightening process in June. We emphasized that this process will be gradual, balanced, and stable.”
In the selections dated July 20, 2023, and August 24, 2023, the PPK acknowledged that the gradual simplification course of that can strengthen macro-financial stability and improve the performance of market mechanisms will proceed and selective credit score and quantitative tightening selections supporting the financial tightening course of had been taken.
According to the JEA announcement, in the course of the assembly, developments intently associated to greater than 250,000 jewelers had been mentioned. Particularly, the present scenario arising from the apply of not imposing further taxes on completed product imports from international locations with which Türkiye has a Free Trade Agreement (FTA) and international locations with STA agreements (Special Trade Agreement) inside the European Union, aside from gold imports with a quota, was addressed.
The assembly was attended by MIB President Burak Yakın, together with MIB Board Members Murad Köşker and Hüseyin Şaşmaz, Mustafa Atayık, President of Istanbul Jewelers Chamber, Fatih Kemahlı, Chairman of the ISO Jewelry Committee, Münir Üçkardeş, ISO Assembly Member, Ercan Özboyacı, Chairman of the ISO Jewelry Committee, Abdullah Tütüncü, Chairman of the Board of Nadir Metal Refinery, Hasan Basri Abdik from Boğaziçi Jewelers, and Uğur Uras from Uğur Uras, representing brokerage companies on the Stock Exchange.
During the assembly, representatives of the jewellery sector defined how the selections affected them, whereas MIB President Burak Yakın introduced the present scenario with a ready presentation.
The presentation highlighted that the jewellery sector has made vital progress over the previous 20 years, competing with international leaders and doubling its market share regardless of the COVID-19 pandemic. It was famous that jewelers face a 68-point drawback in comparison with their Italian opponents when shopping for gold to supply jewellery.
The current vital will increase in gold imports in Türkiye and their impression on the present account deficit had been highlighted within the assembly, and it was identified that macroprudential measures had been taken to strengthen monetary stability in the course of the transition course of. It was additionally emphasised that help will proceed for producer sectors equivalent to jewellery exporters.
Source: www.anews.com.tr
