Turkey to tighten fiscal policy: finance minister

ISTANBUL (Reuters) – Turkey will tighten fiscal policy as it recently did with monetary policy, Finance Minister Naci Agbal said on Thursday, adding that it is important that the two policies are in harmony.

Turkey’s central bank hiked interest rates by 3 percentage points last week, following a deep sell-off in the lira.

Agbal made the comments in an interview with private broadcaster Bloomberg HT. He also said debt restructuring and construction amnesty measures introduced earlier this year will generate a 40-45 billion lira ($9-$10 billion) income, preventing upward risks to Turkey’s budget deficit.

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