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Turkey preparing to cut imports

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Turkey is preparing to introduce new measures to curb imports by the end of the year, in the latest measure to cure the chronic current account deficit problem, Economy Minister Nihat Zeybekci has announced.

“We performed a study on ‘the products that Turkey would not miss if it did not import them’ and we listed those products,” Zeybekci said, responding to questions at a news conference on Sept. 14.

“You will see that we will take the necessary measures regarding this issue very soon, before the end of this year,” he added.

The government has already introduced some measures to curb the import of unnecessary products, and animating domestic production and new measures will bolster efforts to that aim, Zeybekci said.

Last year, the country’s banking watchdog introduced limitations on monthly installment payments to curb consumers’ use of credit cards in the hope of stemming the flood of money spent on imported goods.