Turkey: New economic reforms to spur investment delayed by pandemic

Turkey's new landmark economic reform package will attract delayed investments, Finance Minister Lutfi Elvan has said, adding the country is working on a lira equivalent digital money. 

"We'll come together with EU and G20 ambassadors as well as foreign investors to share the reform agenda," Elvan said on Tuesday.

He said Turkey will hold quarterly meetings to evaluate its success and the new reform package will increase predictability while increasing direct and portfolio investments. 

Turkey facing 'delayed demand'

"Global investments narrowed by over 40 percent in the pandemic period. We're [also] facing delayed demand," Elvan said.

Elvan revealed that Turkey will establish a finance base within Istanbul Finance Center and create lira equivalent digital currency.

Announced by President Recep Tayyip Erdogan last Friday, the package included several measures such as reducing the share of foreign exchange in total debt stock and establishing new mechanisms, namely the Healthcare Industries Presidency, Software and Hardware Industries Presidency, Economic Coordination Council, and Financial Stability Committee.