Erdoğan: ‘We have reduced the foreign exchange surrender requirement to 30%’

President Recep Tayyip Erdoğan of the AKP is speaking at the Ordinary General Assembly of the Turkish Exporters Assembly.

Stating that the foreign exchange surrender requirement for exporters has been reduced from 40% to 30%, Erdoğan said, “The regulation will be effective from Monday.”

The highlights from Erdoğan’s statements are as follows:

“We see our exporters as the vanguards of trade diplomacy and the standard-bearers of the Turkish economy abroad. We have spread exports across the country, and there is no province left that does not engage in exports. In 2002, what we used to export in a week, we now achieve in a day.

“2023 WAS A GOOD YEAR FOR EXPORTS” The success story Turkey has written in foreign trade is not only recognized by us but also clearly reflected in the figures. Despite the Russia-Ukraine war and the February 6th earthquakes, 2023 was a good year for exports. In 2023, we closed the year with a total of $355 billion in exports, including $255.4 billion in goods exports and $101.7 billion in services exports. We broke the record in the history of the republic last year. As of May, our annualized exports reached $260.1 billion, an increase of 2.3% compared to the previous year, breaking another record.

“RECORDED AS THE HIGHEST MAY EXPORT VALUE IN HISTORY” Our May exports of $24.1 billion were recorded as the highest May export value in history. The downward trend in our imports continued in May. Our imports decreased by 10.3% year-on-year in May. In 2023, we had companies in 48 provinces that could enter the top 1000 exporters. Our foreign trade deficit decreased by 47.8% annually.

Today, I want to share good news. We have reduced the foreign exchange surrender requirement for our exporters from 40% to 30%. The regulation will be effective from Monday.

“WE BELIEVE THE MOST DIFFICULT PERIOD IN INFLATION IS BEHIND US” We believe the most difficult period in inflation is now behind us. We are entering a new period where we will see the results of the program more clearly, a disinflation process. Just as we brought inflation down to single digits in the past, we will achieve the same success again, God willing. At the end of this process, the Turkish economy will rise to a very different league. When we rid ourselves of uncertainties, Turkey will be the leading actor in this new period. Our Central Bank’s foreign exchange reserves have risen to $143.6 billion. Let’s not give credence to those who do not want to see Turkey rise; let us focus on our work.”