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WALL – The surprising change in the Presidency of the Central Bank and the depreciation of the TL also worries the German economy. German companies, has announced that fluctuations in the exchange rate caused great difficulty to export to Turkey.
According to the Turkish news from Deutsche Welle, the commercial head of the German Association of Machinery and Equipment Manufacturers (VDMA), Ulrich Ackermann, drew attention to Naci, who took from Ağbal the presidency of the Central Bank and then to the Turkish lira ( TL) due to the depreciation of Turkey and doing business in German. to the negative impact of their companies. “Fluctuations in TL are a big challenge for exporting companies,” Ackermann said, adding that even if their clients know how to behave in the face of changes in exchange rates, moving the exchange rate in a quiet band will be much more beneficial both for investments as for exports. .
‘INTERVENTIONS CARRIED OUT WITH A POLITICAL HUSBAND CAUSE CONCERN’
The German Chemical Industry Association (VCI) made a statement on developments in Turkey. Stating that the stabilization of the Turkish economy is also in the interest of the German chemical industry, the Union said that “politically motivated interventions in monetary policy and fluctuations in exchange rates caused by this are of increasing concern to companies. chemical companies “.
‘THE WEAKNESS OF THE WOLF WILL BECOME AN ACUTE PROBLEM’
VP Bank chief economist Thomas Gitzel said: “Confidence in Turkish monetary policy and the independence of monetary policy have been seriously damaged by the president’s decision.” “Turkey’s foreign currency loans to be crushed under the mountains, the weakness in the exchange rate to turn an acute problem,” Gitzel said, TL depreciation, stressing that it would make the loans more expensive.
‘INSTEAD OF REFORM, A USEFUL GROWTH MODEL IS APPLIED’
BayernLB economist Manuel Schimmer’s company also relies heavily on the growth patterns of consumption and capital import processing in Turkey since 2014, he said. To strengthen industrial economic reforms in the political management of loose money and decided on a growth model does not work with the credit policy Schimmer track record, increasing socio-political pressure, as well as Turkey’s largest trading partners are the United States and coexisted with Los EU disagreements and debates are alien to financiers and investors expressed that he shakes their confidence.
The German economy, which is one of the largest customers, buys goods in Turkey for 21 billion dollars in 2020. Last year Turkey ranks 16th among the countries where the most products are sold in Germany. (DW in Turkish)
